The Appraiser Regulatory System in the United States:  A Unique Partnership 25 Years in the Making

2016 marked the 25th anniversary of the implementation of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). In recognition of this, The Appraisal Foundation partnered with the Appraisal Subcommittee and the Association of Appraiser Regulatory Officials on the development of a publication highlighting the combined accomplishments of the last 25 years. Click here for a copy of the publication.

The Appraiser Regulatory System in the United States

In 1989 the US Congress passed Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), more commonly known as the Savings and Loan Bailout Bill.  FIRREA established a real estate appraiser regulatory system involving the Federal Government, the states, and The Appraisal Foundation (Foundation).

Each US state or territory has a real estate appraiser regulatory agency that is responsible for licensing and certifying real estate appraisers and supervising their appraisal-related activities, as required by Federal law.

The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council has oversight authority over the states and the Foundation  to ensure the minimum qualifying criteria to license and certify real estate appraisers are implemented and that appraisers are held to a professional set of ethical standards.  The  Foundation’s Appraiser Qualifications Board (AQB) sets the minimum Real Property Appraiser Qualification Criteria and the Appraisal Standards Board (ASB) develops the generally accepted standards of practice for the appraisal profession (the Uniform Standards of Professional Appraisal Practice).

For a list of state appraiser regulatory agencies, please click here.

The Appraisal Foundation and the Real Property Appraiser Regulatory System

Appraiser Regulatory System