The Appraisal Foundation
The formation of the Appraisal foundation in 1987 was due to the flux arising in businesses relating to mortgage lending and real estate. A committee comprising of nine professionals in the field, were made, which was impromptu. The main purpose why The Appraisal Foundation was established was to set certain rules that are to be followed by remaining organizations all over Northern America.
The Appraisal Foundation is a non-profit organization that runs on donations from Sponsoring organizations like the American Society of Appraisers, International association of Assessing Officers, National Association of Independent Fee Appraisers, Royal Institution of Chartered Surveyors, American Bankers Association and many more and also by sales of publications from this association or sales of services, and also by federal grant.
The Appraisal Foundation is not an organization that offers memberships to individual organizations, but is an organization that helps all related non-profit organizations come together, comprising of appraisers and their appraisal services. It is important that as a member of the Appraisal Foundation that you have a minimum qualification of Personal property appraisers and understand that all the members have an unvarying paradigm to follow.
Three boards that manage the Appraisal Foundation overall:
1. The Appraiser Qualification Board – also known as AQB, which establishes minimum qualifications, educational requirements, and examination criteria which is known as Real Property Appraiser Qualification Criteria (RPAQC)
2. The Appraisal Standard Board - also known as ASB, which is responsible for accepting and establishing the standards set for the valuation of property. The set standards for valuation profession is called the Uniform Standards of Professional Appraisal Practice (USPAP)
3. The Appraisal Practices Board – also known as APB is in charge for developing chosen management in the type of Recognized Valuation Methods and techniques.
As an appraiser, it is important for you to understand the importance of the Appraisal Foundation, and the necessary rules, regulations and limitations set by this foundation. It would help you understand in a better way, how this foundation helps you as an appraiser, by providing you the necessary guidance in the form of a constant benchmark that you as an individual appraiser would have to make use of in your Appraisal business.