The Appraisal Foundation.
The Appraisal Foundation, a non Board of Trustees
The Appraisal Foundation is governed by a Board of Trustees, which is charged with the following:
- providing financial support for the work of the AQB, APB and ASB,
- appointing members to the AQB, APB and the ASB, and
- oversight of the activities of the Foundation Boards & Advisory Councils.
The Board of Trustees is currently composed of 26 individuals, ten of which are At-Large Trustees, elected by the Board itself. Individuals need not be appraisers to serve on the Board of Trustees. The Board of Trustees holds meetings, which are open to the public, in the Spring and Fall of each year.
Appraisal Practices Board (APB)
The APB was officially formed by The Appraisal Foundation Board of Trustees on July 1, 2010. The APB has been 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 will offer voluntary guidance in topic areas which appraisers and users of appraisal services feel are the most pressing. The Board will utilize panels of Subject Matter Experts (SMEs), who will be widely recognized individuals with expertise in the specific topic being considered, to research and detail all pertinent sources of existing information on the given topic. The APB will vet the issue through a public exposure process and ultimately adopt guidance that may include more than one recognized method or technique that addresses the specific topic. From the APB perspective, compliance with all guidance issued by the APB will be entirely voluntary. The APB represents the combined judgment of leading valuation professionals and is composed of five to seven members who can serve up to eight years on the Board.
Appraisal Standards Board (ASB)
The ASB develops, interprets and amends the Uniform Standards of Professional Appraisal Practice (USPAP). The ASB is composed of six appraisers who are appointed for three year terms by the Board of Trustees of The Appraisal Foundation. Members of the ASB may serve two consecutive three year terms. Activities of the Board are directed by the Chair, who is appointed by the Board of Trustees for a one year term.
Appraiser Qualifications Board (AQB)
The AQB is an independent board of The Appraisal Foundation. The AQB is composed of at least five practicing appraisers who are appointed by the Foundation's Board of Trustees for three-year terms. Under the provisions of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the AQB establishes the minimum education, experience and examination requirements for real property appraisers to obtain a state certification. In addition, the AQB performs a number of ancillary duties related to real property and personal property appraiser qualifications.
The Appraisal Foundation
1155 15th Street, NW
Washington, DC 20005
Tel.: 202.347.7722 Fax: 202-347-7727