The Appraisal Foundation, a congressionally-authorized nonprofit organization that fosters professionalism in the valuation profession by setting qualifications and standards, is celebrating its 20-year anniversary this year.
“It is exciting to see how far we have come as an organization that was originally the brain child of a few appraisal groups that wanted a stronger professional reputation as well as a way of sharing ideas with each other,” said David S. Bunton, president of The Foundation. “We have representation from all the different specialties in the appraisal profession and that gives us a lot of valuable resources from which to draw.”
The Foundation was started by eight valuation organizations to promote professionalism in appraising. Now, there are more than 110 affiliate organizations that include professional societies representing appraisers and users of appraisal services, government agencies, corporations with an interest in valuation and many organizations outside the United States.
In 1989 Congress authorized The Foundation as the source of real property standards and qualifications. Since then, the U.S. government has considered The Foundation an independent, objective source of valuation expertise. Representatives from The Foundation have testified during congressional hearings and provided evaluations of the appraisal operations of six government agencies.
The Foundation accomplishes its mission through the work of its two independent Boards: the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB). The ASB is responsible for developing, interpreting and amending the Uniform Standards of Professional Appraisal Practice (USPAP), which are the generally accepted standards of the appraisal profession in the United States. The AQB is responsible for setting the minimum qualification criteria for real property appraisers in the United States. Both Boards have been recognized for their objectivity, independence and ability to meet the needs of the profession and marketplace.
Since its inception, The Foundation has drawn the attention of governments and professional societies from around the world who want to learn more about establishing standards and qualifications. The Foundation has welcomed delegations from China, Russia, Japan, Kazakhstan, Korea, Vietnam, Mexico and the United Kingdom among others.
About The Appraisal Foundation
Founded in 1987, The Appraisal Foundation is authorized by the U.S. Congress as the source of appraisal standards and real property appraiser qualifications. Through its effective production of the Uniform Standards of Professional Appraisal Practice (USPAP), The Foundation has been instrumental in setting a high level of professionalism in the industry. The Foundation is governed by a Board of Trustees, which oversees two independent boards, the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB). The Foundation also receives valuable advice from four advisory councils: The Appraisal Foundation Advisory Council (TAFAC), Industry Advisory Council (IAC), Educational Council of Appraisal Foundation Sponsors (ECAFS) and International Valuation Council (IVC). For more information on The Foundation, visit www.appraisalfoundation.org.
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