The Appraisal Foundation sets standards and qualifications for appraisers in the US through the Uniform Standards of Professional Appraisal Practice (USPAP). It was established in response to the savings and loan crisis of the 1980s and has two independent boards, the Appraisal Standards Board and the Appraisal Qualifications Board. The USPAP is the national standard for appraisers, and the related Appraisal Subcommittee oversees individual state regulatory agencies. The Appraisal Foundation is not a professional organization, but people can join its member organizations.
The Appraisal Foundation is a not-for-profit organization in the United States that defines the Uniform Standards of Professional Appraisal Practice (USPAP), the guidelines followed by appraisers across the country. Persons wishing to become appraisers must receive training and meet qualification standards set by the Appraisal Foundation. This organization exists to establish standards, practices, and qualifications for appraisers working in the United States.
Several professional associations of appraisers came together to form the Appraisal Foundation and establish its 26-member board in 1987. The organization was founded in response to the savings and loan crisis of the 1980s. Appraisers have noted that inadequate valuation of real estate and other properties played a role in the downfall of some savings and loan organizations in the United States. Setting professional standards would prevent the recurrence of such an event and restore the reputation of the valuation community.
The Appraisal Foundation has two independent boards, the Appraisal Standards Board (ASB) and the Appraisal Qualifications Board (AQB). These boards are overseen by high-level community members with years of experience. The ASB works on developing updates to the USPAP to ensure appraisers operate in a consistent, fair, ethical and professional manner, whether they appraise office buildings or jewelry collections. The AQB defines qualifications for appraisers so that people who become licensed appraisers meet a basic standard of training and experience. This ensures that people who hire licensed valuers are hiring professionally competent and qualified people.
In 1989, the Financial Institutions Recovery, Reform, and Enforcement Act made the USPAP the national standard for persons wishing to be certified as appraisers under Title XI. The Valuation Foundation is tasked with keeping standards up to date so that the profession remains effective. He also communicates with people and organizations that may need an appraiser, from banks to real estate agencies.
People cannot join the Appraisal Foundation as it is not a professional organization, although they can join the individual member organizations that belong to the Appraisal Foundation. When board openings become available, they are advertised to give people the opportunity to apply for them.
The related Appraisal Subcommittee is a government agency that oversees the individual offices that regulate and license appraisers on a state-by-state basis. The government agency uses the USPAP to determine and enforce standards and monitors the activities of regulatory agencies in individual states to ensure they are in compliance with the law.
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