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The Appraisal Foundation |
The Appraisal Foundation (TAF) is a not-for-profit organization, which is dedicated to the standardization and development of property valuation system and bringing uniformity in its practices across the United States.
It was the year 1987 when the need of standardizing appraisal practices was felt following an unprecedented financial crisis in the US, and the Appraisal Foundation came into existence. The objectives of the foundation were to establish, improve and promote the Uniform Standards of Professional Appraisal Practice (USPAP), to define minimum educational qualifications and experience for appraisal licensing and certifications, to propagate appraisal rules and regulations and to sponsor various activities.
The Appraiser Qualifications Board and The Appraisal Standards Board
There is a Board of Trustees who directs the activities of the Appraisal Foundation, which is headquartered in Washington, DC. The foundation has two functional divisions, the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB). The activities of these two are financially supported by the Board of Trustees. While the Appraisal Qualifications Board is responsible for the establishment of qualification criteria for appraisal licensure and certifications, the Appraisal Standards Board makes rules to standardize appraisal practices and promotes the use of Uniform Standards of Professional Appraisal Practice (USPAP).
The Title XI of the FIRREA
The Title XI of the Financial Institutions Recovery, Reform, and Enforcement Act (FIRREA) of 1989 made it compulsory for real estate appraisers to conform to USPAP while performing federally-related transactions. As a result, it was required for each state to have an appraisal licensing body in order to evaluate the qualification level of real estate appraisers and provide them with appropriate licenses or certificates for appraisal practices.
The enforcement of the Title XI of FIRREA has resulted the creation of separate real estate appraisal boards in each state of the US. Each of these boards must follow the rules and regulations set by both the divisions of The Appraisal Foundation, that is, the Appraiser Qualifications Board and the Appraisal Standards Board.
The Appraisal Subcommittee |
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The real estate appraisers, licensed or certified thus by their respective state appraisal boards, are subject to a test of competency by a regulatory agency, The Appraisal Subcommittee of the Federal Financial Institutions Examination Council. The Appraisal Subcommittee (ASC) has been authorized to make certain that the state appraisal boards are adhering to the rules and regulations set by The Appraisal Foundation and also that the appraisal licensees are following the USPAP.
For more information on The Appraisal Foundation, Appraiser Qualifications Board, Appraisal Standards Board, Uniform Standards of Professional Appraisal Practice (USPAP), Title XI of FIRREA and also on the Appraisal Subcommittee, you may visit the official site of TAF and ASC.
TAF Website: http://www.appraisalfoundation.org/s_appraisal/index.asp
ASC Website: http://www.asc.gov/
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