Intertwined in the complex appraisal regulatory system are The Appraisal Foundation (TAF) and its boards. TAF is not a government entity; it is a private, non-profit educational foundation. Here’s a quick breakdown to help you understand the structure of The Appraisal Foundation.
The Appraisal Foundation is composed of organizations. An individual person cannot join TAF as a member. The Appraisal Foundation sponsors include:
- Appraisal Sponsors: Non-profit appraisal organizations
- Affiliate Sponsors: Non-profit organizations with an interest in appraising
- International Sponsors: Non-profit organizations based outside of the United States with an interest in professional valuation
The Board of Trustees (BOT)
The Board of Trustees exercises all power and functions of The Appraisal Foundation. The BOT secures funding, appoints members, and provides oversight for:
- The Appraisal Standards Board (ASB)
- The Appraiser Qualifications Board (AQB)
The Appraisal Standards Board (ASB)
The Appraisal Standards Board:
- Exercises all authority over the subject, style, content, and substance of the Uniform Standards of Professional Appraisal Practice.
- Performs all functions of the Foundation with respect to establishing, improving, and promulgating USPAP.
The Appraisal Qualifications Board (AQB)
The Appraisal Qualifications Board:
- Exercises all power and authority over the establishment of education, experience, and other criteria for licensing, certification, and recertification of appraisers.
- Is responsible for disseminating this information to the various state licensing and certification boards.
- Establishes minimum requirements for education, experience, and examination that every applicant must meet in order to become licensed or certified.
Learn more in our upcoming webinar!
McKissock Learning is hosting a FREE Pro-Series webinar, “The Appraisal Foundation 2020 Q3 Update,” on Wednesday, July 15. Participate in this Q&A session with Lisa Desmarais, Vice President, Appraisal Issues with The Appraisal Foundation. Hear about proposed changes to USPAP as well as an update on current AQB and ASB activities. Get firsthand information on TAF’s viewpoint of the latest topics in the appraisal industry. Register here.