Appraisers

The Appraisal Foundation (Foundation), located in Washington, D.C., was formed in 1987 by eight major appraisal organizations (see History below) to help regulate the appraisal profession within the Unites States of America. It is composed of two separate and independent boards:

• The Appraisal Standards Board (ASB) establishes the generally accepted standards of the valuation profession which is known as the Uniform Standards of Professional Appraisal Practice (USPAP).

• The Appraiser Qualifications Board (AQB) establishes the minimum education, experience and examination criteria for appraisers which is known as Appraiser Qualification Criteria (AQC).

In addition, the Foundation is also responsible for administering and distributing information on USPAP and AQC 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). ^[3] 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".