The Appraisal Foundation: Fostering Professionalism in Appraising
The Appraisal Foundation is a congressionally-authorized, nonprofit organization that fosters professionalism in the valuation profession. The Foundation is charged with setting standards and qualifications for appraisers of all disciplines. To this end, The Foundation has established Uniform Standards of Professional Appraisal Practice (USPAP), which are the generally accepted standards of the appraisal profession in the United States.
It is also the parent organization of two independent boards: the Appraiser Qualifications Board (AQB), which establishes the minimum education, experience and examination criteria for real property appraisers; and the Appraisal Standards Board (ASB), which develops, amends and interprets USPAP.
The Foundation is not an individual membership organization but rather an organization composed of organizations. The work of the Foundation is supported through Sponsoring Organizations and Advisory Councils. The Foundation has four advisory councils: The Appraisal Foundation Advisory Council (TAFAC), Industry Advisory Council (IAC), Educational Council of Appraisal Foundation Sponsors (ECAFS) and International Valuation Council (IVC). Through Sponsors and Advisory Councils, the Foundation is affiliated with over 110 non-profit organizations, corporations and government agencies.
The Foundation has multiple charges, including developing and interpreting USPAP and additional guidance material for appraisers. The Foundation also develops the National USPAP Courses that are taught by sponsors, trade associations and other education providers. The Foundation also provides general information to the public at large on valuation-related issues. More than 90,000 state-certified and licensed real property appraisers adhere to the qualifications and the standards established by The Foundation.
Two important events will occur on January 1, 2008: A new version of USPAP will become effective and the Real Property Appraiser Qualification Criteria for state licensure and certification goes into effect as well.
The Foundation staff is available to provide detailed information on USPAP, the Real Property Appraiser Qualification Criteria and the regulation of real property appraisers. Also, representatives from The Foundation are available to discuss any issues that affect the appraisal profession and the public it serves.