149:(USPAP), and TAF's Appraisal Qualifications Board (AQB) promulgates minimum criteria for appraiser certification and licensing. The federal government does not regulate appraisers directly, the states are responsible for regulating the appraisal profession. The Appraisal Subcommittee (ASC), with members from the major federal lending regulators, monitors and reviews the activities of TAF and oversees the state licensing agencies. If ASC finds that a particular state's appraiser regulation and certification program is inadequate (i.e., it does not meet ASB and AQB standards), it can impose penalties including prohibition of a state's licensed appraisers from performing appraisals for federally related lending transactions. Banks make widespread use of appraisals in their real estate lending activity
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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.
234:". Headquartered in Washington, D.C., TAF is directed by a 21-member board of trustees. The board of trustees appoints members to and provides financial support and oversight of the two independent Boards: the Appraiser Qualifications Board (AQB), and the Appraisal Standards Board (ASB). The mission statement of the Foundation is
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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
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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
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valuation profession. The organization sets the congressionally authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. The aim is to ensure appraisals are impartial, objective
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The
Appraisal Foundation is a non-profit organization established in 1987 by the largest valuation organizations in North America. The foundation was congressionally authorized to develop standards and qualifications for real estate appraisers under Title XI of the Financial Institutions Reform,
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In the mid 1980s, 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,
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The
Appraisal Foundation is composed of other organizations. There are no individual members of the foundation. Today, through sponsoring organizations and advisory councils, over one hundred organizations, corporations and government agencies are affiliated with the Appraisal Foundation.
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was formed by board of trustees in 2010. The APB was charged with the responsibility of identifying and issuing opinions on recognized valuation methods and techniques, which may apply to all disciplines within the appraisal profession. The APB offered voluntary guidance, known as
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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
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Promoting professionalism and ensuring public trust in the valuation profession. This is accomplished through the promulgation of standards, appraiser qualifications, and guidance regarding valuation methods and
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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. These nine groups were:
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Real estate appraisal practice in the United States is regulated by the various states and territories. TAF's
Appraisal Standards Board (ASB) promulgates and updates best practices as codified in the
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The work of the foundation is accomplished by four independent boards: the
Appraiser Qualifications Board, the Appraisal Standards Board and the Appraisal Practices Board, and the Board of Trustees.
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Much of the work of the
Appraisal Foundation is supported through the professional input and financial assistance of sponsoring organizations. The Appraisal Foundation has three types of sponsors:
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is a private, not-for-profit corporation charged by with the responsibility of establishing, improving and promoting minimum uniform appraisal standards and appraiser qualifications criteria
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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.
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establishes the rules for developing an appraisal and reporting its results. In addition, it promotes the use, understanding and enforcement of the
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These are non-profit organizations serving those with an interest in appraisal, primarily the users of appraisal services
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The
Appraisal Foundation, Appraisal Subcommittee, Federal Financial Institutions Examination Council
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142:(FFIEC). The ASC is charged with filing a report to Congress each year, on the activities of TAF.
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and independent, are conducted without bias and are performed in an ethical and competent manner.
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Recovery, and
Enforcement Act of 1989. Under this legislation, the foundation is overseen by the
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The Department of the Treasury Blueprint for a Modernized Financial Regulatory Structure
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Appraisal Subcommittee, Federal Financial Institutions Examination Council
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Federal Financial Institutions Examination Council (FFIEC)
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American Society of Farm Managers & Rural Appraisers
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These are non-profit organizations serving appraisers.
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American Society of Farm Managers and Rural Appraisers
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Financial regulatory authorities of the United States
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Uniform Standards of Professional Appraisal Practice
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American Institute of Real estate Appraisers (AIREA)
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Uniform Standards of Professional Appraisal Practice
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346:National Association of Independent Fee Appraisers
196:National Association of Independent Fee Appraisers
140:Federal Financial Institutions Examination Council
349:North Carolina Professional Appraisers Coalition
334:International Association of Assessing Officers
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188:International Association of Assessing Officers
263:Real Property Appraiser Qualification Criteria
343:Massachusetts Board of Real Estate Appraisers
244:Adopted by the Board of Trustees May 19, 2012
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328:Columbia Society of Real Estate Appraisers
199:National Society of Real Estate Appraisers
106:Learn how and when to remove this message
442:United States Department of the Treasury
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501:The Appraisal Foundation - Introduction
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44:adding citations to reliable sources
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202:Society of Real Estate Appraisers
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136:Appraisal Subcommittee
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390:in the United Kingdom
379:International sponsor
291:Valuation Advisories
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531:Valuation (finance)
368:Farm Credit Council
208:Appraisal Institute
354:Affiliate sponsors
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38:Please help
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239:techniques.
127:real estate
510:Categories
395:References
96:March 2021
66:newspapers
303:Sponsors
242:—
161:History
80:scholar
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