The Appraisal Foundation
The Congressionally authorized organization that sets appraisal standards (USPAP) and minimum appraiser qualification criteria. It operates through two boards: the Appraisal Standards Board (ASB) and the Appraiser Qualifications Board (AQB).
The Appraisal Foundation was established in 1987 and authorized by FIRREA in 1989 as the source of appraisal standards and qualifications for the nation. The ASB develops and updates USPAP, while the AQB sets the minimum education, experience, and examination requirements for state appraiser licensing and certification. The Foundation also operates the Appraisal Practices Board (APB), which issues voluntary guidance on specific appraisal topics. The Foundation's work directly shapes appraiser licensing requirements in all 50 states and U.S. territories.
Related Terms
Uniform Standards of Professional Appraisal Practice (USPAP)
USPAPThe nationally recognized ethical and performance standards for the appraisal profession, established by The Appraisal Foundation.
FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act)
FIRREAThe 1989 federal law that established the modern appraisal regulatory framework, requiring state licensing of appraisers and USPAP compliance for all federally related real estate transactions..
Competency Rule
A USPAP rule requiring that an appraiser must have the knowledge and experience necessary to complete an assignment competently, or must take steps to acquire it before accepting the assignment..
More in Legal & Regulatory
View allDodd-Frank Act (Appraisal Provisions)
The 2010 federal financial reform law that included significant appraisal provisions: appraiser independence requirements, AMC registration, customary and reasonable fee mandates, and prohibition of BPOs for origination..
Appraiser Independence
The legal requirement that appraisers must be free from improper influence, coercion, or pressure from parties with a financial interest in the transaction outcome.
USPAP Ethics Rule
The USPAP rule establishing requirements for appraiser conduct, management, confidentiality, and record keeping.
De Minimis Threshold
The transaction value below which a federally related real estate transaction does not require an appraisal by a licensed or certified appraiser.