What is The Appraisal Foundation?
Established in the late 1980s, The Appraisal Foundation aims to encourage consistent and high standards in the field of appraisals, particularly in real estate. By standardizing qualifications and reporting standards through its structured operation and independent boards, it has significantly contributed to professionalism within the industry.
The organization’s Board of Trustees governs it, ensuring integrity and reliability throughout its operations. Here are its three pivotal independent boards:
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Appraisal Practices Board (APB): Focused on developing voluntary guidance on recognized valuation methods and techniques.
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Appraisal Standards Board (ASB): Responsible for establishing the generally accepted standards of the appraisal profession in the form of the Uniform Standards of Professional Appraisal Practice (USPAP).
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Appraiser Qualifications Board (AQB): Develops qualification criteria for appraisers, aiming to ensure competent level appraisers are eligible to be licensed.
Contact Information
- Address: 1155 15th Street NW, Suite 1111, Washington, DC 20005
- Phone: 202-347-7722
- Website: www.appraisalfoundation.org
Example of Appraiser Qualifications
Suppose you are an individual looking to enter the appraisal industry. The AQB sets forth the minimum educational, experience, and examination requirements necessary to become a qualified appraiser. For instance, a prospective appraiser must complete 75 hours of Basic Appraisal Education, pass the required exam, and then gain supervised field experience before they qualify for certification.
Frequently Asked Questions (FAQ)
Q: What is the main role of The Appraisal Foundation? A: The Appraisal Foundation’s primary role is to set consistent appraisal practice standards and appraiser qualifications, ensuring high-quality and reliable real estate appraisals.
Q: How does The Appraisal Foundation affect home buying? A: By promoting uniform standards and qualifications for appraisers, it helps ensure that property appraisals are accurate and fair, thereby protecting both buyers and lenders.
Q: What are the qualifications to become a professional appraiser? A: Qualifications generally include completing specific educational courses, passing exams, and gaining hands-on experience under supervision, all defined by the Appraiser Qualifications Board.
Related Terms: Appraisal Practices Board, Appraisal Standards Board, Appraiser Qualifications Board.
