BACKGROUND  - In the early 1980's, the crisis in the savings and loan industry highlighted the need to improve appraisal practices throughout the United States. The difficulties and losses experienced by many lending institutions illustrated the importance of ensuring that appraisals are based upon established, recognized standards, free from outside pressures.

In 1986, nine leading professional appraisal organizations in the United States and Canada to form the Ad Hoc Committee on the Uniform Standards of Professional Appraisal Practice. Agreeing upon a generally accepted set of standards, the eight United States committee members adopted those standards and thereafter established The Appraisal Foundation in 1987 to implement the Uniform Standards of Professional Appraisal Practice. The Appraiser Qualifications Board was included in the Foundation structure to develop and promote meaningful criteria by which the competence of appraisers could be measured. The Uniform Standards of Professional Appraisal Practice was adopted by the Appraisal Standards Board of the Foundation on January 30, 1989 and is recognized throughout the United States as the generally accepted standards of professional appraisal practice.

The work of the Foundation is important to all disciplines of the appraisal profession as well as to the consumer public. The work of the Foundation benefits the appraisal profession by functioning to increase the quality of appraisals and by addressing issues critical to the advancement professional valuation. Users of appraisal services and consumers can feel confident that the Foundation is working to serve their needs and help protect their financial well-being.

The Appraisal Foundation is composed of other organizations. There are no individual members of the Foundation. Today, through Sponsoring Organizations and Advisory Councils, over eighty organizations, corporations and government agencies are affiliated with The Appraisal Foundation.

RESPONSIBILITIES  - Headquartered in Washington, DC, the Foundation is directed by a Board of Trustees. The Board of Trustees appoints members to and provides financial support for the AQB and the ASB.

With the 1989 enactment of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Congress gave these two Boards considerable responsibilities.

Appraiser Qualifications Board (AQB) - The AQB establishes the qualification criteria for state licensing, certification and recertification of appraisers. FIRREA mandates that all state certified appraisers must meet the minimum education, experience and examination requirements promulgated by the AQB. The AQB has also developed voluntary criteria for personal property appraisers.

Appraisal Standards Board (ASB) - The ASB sets forth the rules for developing an appraisal and reporting its results. In addition, it promotes the use, understanding and enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP).

FIRREA requires that real estate appraisals used in conjunction with federally-related transactions be performed in accordance with USPAP. More than 80,000 state certified and licensed appraisers are currently required to adhere to USPAP. USPAP contains the recognized standards of practice for real estate, personal property and business appraisal.

The authority of USPAP extends beyond FIRREA. Since 1992, the Office of Management and Budget (OMB) has required federal land acquisition and direct lending agencies to use appraisals in conformance with USPAP.

You will find more detailed information regarding the work of The Appraisal Foundation, the Appraisal Standards Board and the Appraiser Qualifications Board on this web site. Please contact the Foundation at info@appraisalfoundation.org for more information regarding any topic discussed on this web page.

In an effort to learn how to serve you better, we ask that you please take the time to complete our survey. Thank you for your interest in The Appraisal Foundation.

Recently Added to This Section

The Appraisal Foundation Major Initiatives for 2009

Strategic Goals of The Appraisal Foundation
Adopted 11/1/2008

The Appraisal Foundation Bylaws
As amended, November 1, 2008

History of the Foundation

Ad Hoc Committee on the Uniform Standards of Professional Appraisal Practice
February 6, 1986 - April 27, 1987

Title XI of the Financial Institutions Recovery, Reform, and Enforcement Act of 1989
SEC. 1101. PURPOSE [12 U.S.C. 3331] The purpose of this title is to provide that Federal financial and public policy interests in real estate related transactions will be protected by requiring that real estate appraisals utilized in connection with federally related transactions are performed in writing, in accordance with uniform standards, by individuals whose competency has been demonstrated and whose professional conduct will be subject to effective supervision...

Chairman's Public Service Award
The Chairman's Public Service Award was established in late 2005 as a way to recognize individuals who have worked with the Foundation to better the profession and who in the process, have gone above and beyond the call of duty.

Current and Past Members of the Board of Trustees (BOT)
A listing of both current and past members of the Board of Trustees.

2008 Annual Report

Foundation FAQs

Foundation Staff