The Appraisal Foundation Frequently Asked Questions (FAQs)
Is The Appraisal Foundation part of the federal government?
No, The Appraisal Foundation (Foundation) is a private non-profit educational organization.
What is the relationship between the Foundation the Appraiser Qualifications Board and the Appraisal Standards Board?
The Foundation serves as an umbrella organization for two independent Boards the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB). While these boards are independent, the Board of Trustees of the Foundation is responsible for funding, oversight, and appointing members to the Boards.
What public charge does the Foundation have and how was it obtained?
In 1989 Congress enacted Title XI of the Financial Institutions Reform Recovery and Enforcement Act
(FIRREA), which established the current real property appraisal regulatory mechanism. As a result of the legislation, all real property appraisers must meet the qualification criteria established by the AQB and all appraisals for federally related transactions must conform to the Uniform Standards of Professional Appraisal Practice
(USPAP) promulgated by the ASB.
How is the Foundation funded?
The Foundation is funded in part by a federal grant, sales of publications, and services and from its Sponsoring Organizations.
Why is the work of the Foundation important to me?
If you are an appraiser, you should be aware that the Foundation, through its independent Boards, sets the ethical and performance standards for your profession. In addition, minimum education, experience, and examination requirements for real property appraisers are set by the AQB and enforced by state regulatory agencies. For consumers, a professional appraiser will provide an unbiased and thoughtful analysis of value. Understanding the value of your assets is essential to making informed decisions and protecting your financial well being.
Is the focus of the Foundation exclusively real property oriented?
No. USPAP sets performance and ethical standards for all types of property valuation. In addition, the AQB has established voluntary minimum qualifications for personal property appraisers.
Does the Foundation offer memberships?
There are no individual memberships in the Foundation. The Foundation is an organization composed of other non-profit organizations, which represent appraisers and users of appraisal services. These organizations are affiliated with the Foundation through Sponsoring Organizations and various Advisory Councils.
What is the relationship between the Foundation and the Appraisal Subcommittee?
The Appraisal Subcommittee (ASC) is a federal agency charged with oversight of the state appraisal regulatory programs for real property appraisers. Also, the ASC is responsible for monitoring the real-estate related activities of the Foundation as well as providing a federal grant to assist in the operations of the ASB and AQB.