Appraisal Standard Board

Definition

The Appraisal Standard Board (ASB) is one of the divisions of The Appraisal Foundation which is commonly known as TAF. The Appraisal Foundation makes use of the Appraisal Standard Board to carry out some of its work. The main task that the Appraisal Standard Board performs is developing, interpreting and amending the Uniform Standards of Professional Appraisal Practice (USPAP) and this is done on behalf of the users and appraisers of the appraisal services.

Overview

The Appraisal Standard Board is the body that looks after and controls the Uniform Standards of Professional Appraisal Practice. The ASB has all the authority over the content, style and subject of USPAP. The Appraisal Standard Board also exercises control over the other communications of USPAP. The other important function performed by the Appraisal Standard Board is the carrying out of all the functions of TAF. These functions are related to improving, establishing and propagating the uniform standards of professional appraisal practice.

The ASB issues the USPAP Q&A for providing guidance to the enforcement officials, appraisers, users of appraisal services and public who raise certain questions. By this USPAP Q&A, the ASB explains the need for USPAP in certain situations and to provide advice for resolving appraisal problems and issues. For solving appraisal issues and problems, USPAP Q&A may not be the only way of solution. No new standard is established or the existing standard interpreted by the USPAP Q&A and this is also not a part of USPAP. The ASB approves it but there no comment or public exposure.

Members

There are seven appraisers in the Appraisal Standard Board and they are appointed for a period of three years. This appointment of appraisers in the Appraisal Standard Board (ASB) is done by the Board of Trustees of The Appraisal Foundation (TAF). The appraisers can also serve for two back to back terms of three years provided they are elected. All the activities that the Board does, is directed by the Chair. The Chair of Appraisal Standard Board (ASB) gets the appointment from the Board of Trustees of ASB. This post can be hold for a term of one year.