Appraisal Standards and Appraiser Qualification Criteria
In 1989, the U.S. Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), which authorized The Appraisal Foundation (Foundation) as the source of appraisal standards and appraiser qualifications.
The Appraisal Standards Board (ASB) sets the minimum standards, known as the Uniform Standards of Professional Appraisal Practice (USPAP).
Additionally, the Foundation, in partnership with the U.S. Department of Justice, is the publisher of the Uniform Appraisal Standards for Federal Land Acquisitions, commonly known as the "Yellow Book." The Yellow Book is developed by the Interagency Land Acquisition Conference to be used in the valuation of real property in federal acquisitions and contains requirements for appraisers in addition to USPAP.
The Appraiser Qualifications Board (AQB) establishes minimum qualifications, known as the Real Property Appraiser Qualification Criteria. Additionally, the AQB has established voluntary Personal Property Appraiser Qualification Criteria. Foundation Sponsors must meet the Personal Property Criteria at a minimum.
To read more about the appraisal standards and qualifications, as well as ancillary programs that fall under these broad categories, please visit the following links.
Appraisal Standards - USPAP
Appraisal Standards - Yellow Book
USPAP Instructor Program