The Appraisal Foundation

The Appraisal Foundation (TAF) is the nation’s foremost authority on the 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. This work advances the profession by ensuring appraisals are independent, consistent, and objective.

The Appraisal Foundation is a non-profit organization established in 1987 by the nation's largest valuation organizations. The Foundation is overseen by the Appraisal Subcommittee (ASC), a subcomittee of the Federal Financial Institutions Examination Council (FFIEC). The ASC is charged with filing a report to Congress each year, on the activities of TAF.

TAF "is a private, not-for-profit corporation charged by [Title XI of FIRREA] with the responsibility of establishing, improving and promoting minimum uniform appraisal standards and appraiser qualifications criteria". Headquartered in Washington, D.C., TAF is directed by a 21-member Board of Trustees. The Board of Trustees appoints members to and provides financial support and oversight of the three independent Boards: the Appraisal Practices Board (APB), the Appraiser Qualifications Board (AQB), and the Appraisal Standards Board (ASB). The mission statement of the Foundation is

Promoting professionalism and ensuring public trust in the valuation profession. This is accomplished through the promulgation of standards, appraiser qualifications, and guidance regarding valuation methods and techniques.

Real Estate Appraisal practice in the US is regulated by the various states. 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 standards for appraiser certification and licensing. The federal government does not regulate appraisers directly. The Appraisal Subcommittee (ASC), with members from the major Federal Lending Regulators, oversees TAF and the state licensing agencies. If ASC finds that a particular state's appraiser regulation and certification program is inadequate (i.e., it doesn't 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. Banks make widespread use of appraisals in their real estate lending activiity mortgage loans and mortgage-backed securities, Appraisal procurement would be much more difficult without in-state availability of ASC compliant, licensed appraisers.

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