The Appraisal Foundation
Encyclopedia
The Appraisal Foundation (TAF) located in Washington, D.C.
, was formed in 1987 by eight major appraisal organizations (see History below) to promote professionalism in valuation in the United States of America. The Appraisal Foundation is governed by a Board of Trustees and is the parent organization of three independent boards:
In addition, the Foundation is also responsible for administering and distributing information on USPAP and RPAQC to the appraisal profession, state and federal government agencies, users of appraisal services (such as banks and S&Ls) and the general public.
As mandated by federal law, the Financial Institutions Reform, Recovery and Enforcement Act of 1989
(FIRREA), said Act established the Appraisal Subcommittee (ASC) within the Examination Council of the Federal Financial Institutions Examination Council
(FFIEC).
In turn, the ASC is charged with the responsibility of overseeing the Foundation, which "is a private, not-for-profit corporation charged by Title XI with the responsibility of establishing, improving and promoting minimum uniform appraisal standards and appraiser qualifications criteria".
In 1987, agreeing upon a generally accepted set of standards, the eight United States committee members adopted those standards and thereafter established the Foundation in 1987 to implement the USPAP. The AQB was included in the Foundation structure to develop and promote meaningful criteria by which the competence of appraisers could be measured. The USPAP was adopted by the ASB of the Foundation on January 30, 1989 and is recognized throughout the United States as the generally accepted standards of professional appraisal practice.
The current sponsors are:
APPRAISAL SPONSORS
INTERNATIONAL APPRAISAL SPONSORS
AFFILIATE SPONSORS
http://netforum.avectra.com/eweb/DynamicPage.aspx?Site=TAF&WebCode=Sponsors
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, was formed in 1987 by eight major appraisal organizations (see History below) to promote professionalism in valuation in the United States of America. The Appraisal Foundation is governed by a Board of Trustees and is the parent organization of three independent boards:
- The Appraisal Standards BoardAppraisal Standards BoardThe ASB develops, interprets and amends the Uniform Standards of Professional Appraisal Practice . The ASB is composed of seven appraisers who are appointed by the Board of Trustees of The Appraisal Foundation. Activities of the Board are directed by the Chair, who is appointed by the Board of...
(ASB) establishes the generally accepted standards of the valuation profession which is known as the Uniform Standards of Professional Appraisal PracticeUniform Standards of Professional Appraisal PracticeUniform Standards of Professional Appraisal Practice, commonly referred to by the acronym USPAP, can be considered the quality control standards applicable for real property, personal property, intangibles, and business valuation appraisal analysis and reports in the United States and its territories...
(USPAP).
- The Appraiser Qualifications Board (AQB) establishes the minimum education, experience and examination criteria for appraisers which is known as Real Property Appraiser Qualification Criteria (RPAQC).
- The Appraisal Practices Board (APB) is responsible for developing voluntary guidance in the form of Recognized Valuation Methods & Techniques. The APB is the Foundation's newest board, established in July 2010.
In addition, the Foundation is also responsible for administering and distributing information on USPAP and RPAQC to the appraisal profession, state and federal government agencies, users of appraisal services (such as banks and S&Ls) and the general public.
As mandated by federal law, the Financial Institutions Reform, Recovery and Enforcement Act of 1989
Financial Institutions Reform, Recovery and Enforcement Act of 1989
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 , , is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s....
(FIRREA), said Act established the Appraisal Subcommittee (ASC) within the Examination Council of the Federal Financial Institutions Examination Council
Federal Financial Institutions Examination Council
The Federal Financial Institutions Examination Council, or FFIEC, is a formal interagency body of the United States government empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal...
(FFIEC).
In turn, the ASC is charged with the responsibility of overseeing the Foundation, which "is a private, not-for-profit corporation charged by Title XI with the responsibility of establishing, improving and promoting minimum uniform appraisal standards and appraiser qualifications criteria".
History
In 1986, nine leading professional appraisal organizations in the United States and Canada agreed to form the Ad Hoc Committee on the USPAP. These nine groups were:- Appraisal Institute of Canada
- American Institute of Real estate Appraisers (AIREA) - - in 1991, AIREA and Society merge together under the new name Appraisal InstituteAppraisal InstituteThe Appraisal Institute is a global membership association of professional real estate appraisers, with more than 25,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional...
- American Society of AppraisersAmerican Society of AppraisersThe American Society of Appraisers is a multi-discipline non-profit international organization of professional appraisers . Founded in 1936, the mission of the Society is to foster the public trust of our members and the appraisal profession through compliance with the highest levels of ethical...
- American Society of Farm Managers and Rural Appraisers
- International Association of Assessing Officers
- International Right of Way Association
- National Association of Independent Fee Appraisers
- National Society of Real Estate Appraisers
- Society of Real Estate Appraisers (Society) - - in 1991, the Society and AIREA merge together under the new name Appraisal InstituteAppraisal InstituteThe Appraisal Institute is a global membership association of professional real estate appraisers, with more than 25,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional...
In 1987, agreeing upon a generally accepted set of standards, the eight United States committee members adopted those standards and thereafter established the Foundation in 1987 to implement the USPAP. The AQB was included in the Foundation structure to develop and promote meaningful criteria by which the competence of appraisers could be measured. The USPAP was adopted by the ASB of the Foundation on January 30, 1989 and is recognized throughout the United States as the generally accepted standards of professional appraisal practice.
Current Sponsors
Much of the work of The Appraisal Foundation is supported through the professional input and financial assistance of Sponsoring Organizations. Currently, there are three types of Sponsors.- Appraisal Sponsors are domestic non-profit organizations serving appraisers.
- Affiliate Sponsors are domestic non-profit organizations serving those with an interest in appraisal, primarily the users of appraisal services.
- International Appraisal Sponsors are non profit organizations based outside of the United States with an interest in professional valuation.
The current sponsors are:
APPRAISAL SPONSORS
- American Society of AppraisersAmerican Society of AppraisersThe American Society of Appraisers is a multi-discipline non-profit international organization of professional appraisers . Founded in 1936, the mission of the Society is to foster the public trust of our members and the appraisal profession through compliance with the highest levels of ethical...
- American Society of Farm Managers & Rural Appraisers
- Appraisers Association of America
- International Association of Assessing Officers
- Instituto de Evaluadores de Puerto Rico
- International Right of Way Association
- Massachusetts Board of Real Estate Appraisers
- National Association of Independent Fee Appraisers
- North Carolina Professional Appraisers Coalition
INTERNATIONAL APPRAISAL SPONSORS
- Royal Institution of Chartered SurveyorsRoyal Institution of Chartered SurveyorsThe Royal Institution of Chartered Surveyors is an independent, representative professional body which regulates property professionals and surveyors in the United Kingdom and other sovereign nations....
AFFILIATE SPONSORS
- American Bankers Association
- Farm Credit Council
- Mortgage Insurance Companies of America
- National Association of Realtors
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External links
- The Appraisal Foundation
- Appraisal Subcommittee, Federal Financial Institutions Examination Council
- The Appraisal Foundation, Appraisal Subcommittee, Federal Financial Institutions Examination Council
- Financial Institutions Reform Recovery and Enforcement Act of 1989
- The Appraisal Foundation - Introduction
- Appraisal Subcommittee, Federal Financial Institutions Examination Council