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The Appraisal Foundation (TAF) is the United States organization responsible for setting standards for the real estate valuation profession. The organization sets the congressionally authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. The aim is to ensure appraisals are impartial, objective and independent, are conducted without bias and are performed in an ethical and competent manner.
The Appraisal Foundation is a non-profit organization established in 1987 by the largest valuation organizations in North America. The foundation was congressionally authorized to develop standards and qualifications for real estate appraisers under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. Under this legislation, the foundation is overseen by the Appraisal Subcommittee (ASC), a subcommittee of the Federal Financial Institutions Examination Council (FFIEC).[1][2] The ASC is charged with filing a report to Congress each year, on the activities of TAF.
Real estate appraisal practice in the United States is regulated by the various states and territories. TAF's Appraisal Standards Board (ASB) promulgates and updates best practices as codified in the Uniform Standards of Professional Appraisal Practice (USPAP), and TAF's Appraisal Qualifications Board (AQB) promulgates minimum criteria for appraiser certification and licensing. The federal government does not regulate appraisers directly, the states are responsible for regulating the appraisal profession. The Appraisal Subcommittee (ASC), with members from the major federal lending regulators, monitors and reviews the activities of TAF and oversees the state licensing agencies. If ASC finds that a particular state's appraiser regulation and certification program is inadequate (i.e., it does not meet ASB and AQB standards), it can impose penalties including prohibition of a state's licensed appraisers from performing appraisals for federally related lending transactions.[3] Banks make widespread use of appraisals in their real estate lending activity mortgage loans and mortgage-backed securities.
^Appraisal Subcommittee (ASC), a USA governmental agency
^Federal Financial Institutions Examination Council (FFIEC), a USA governmental agency
^The Department of the Treasury Blueprint for a Modernized Financial Regulatory Structure(PDF). United States Department of the Treasury. 2008. pp. 79–80. ISBN 978-016080645-2.
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