Who We Are / Leadership & Governance / The Foundation Boards

The structure of independent boards that guide the development of appraisal standards and qualifications.

Overview

Board of Trustees

Appraisal Standards Board

Appraiser Qualifications Board

The Appraisal Foundation® (the Foundation) and its boards serve a wide range of appraisal disciplines and rely on a wide range of stakeholder input to carry out their work.

The Foundation established two independent boards, who are both authorized by Congress: the Appraisal Standards Board (ASB) and the Appraiser Qualifications Board (AQB). These boards are responsible for developing and maintaining the Uniform Standards for Professional Appraisal Practice (USPAP®) and the Real Property Appraiser Qualification Criteria (Criteria), respectively.

In addition to these two boards, the Board of Trustees (BOT) provides oversight and financial support for the organization and independent boards.

Role: The Foundation is directed by a BOT that is responsible for the governance of the organization. The BOT appoints members and provides financial support and oversight of the ASB and AQB.

Role: Develops, writes, and interprets the USPAP®.

Established by the Foundation and congressionally authorized by Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the Appraisal Standards Board (ASB) is responsible for setting the standards that apply to appraisal practice across all disciplines.

The ASB’s key activities include:

• Developing and maintaining the USPAP®
• Hosting public virtual meetings to collect direct feedback
• Issuing Exposure Drafts of proposed changes to USPAP® for public review and comment
• Reviewing and considering all comments received before adopting any revisions
• Publishing USPAP® Q&As and participating in outreach and education
• Collaborating with the AQB on USPAP®-related courses offered through the Course Approval Program (CAP), Instructor Certification Course (ICC), and Instructor Recertification Course (IRC).

The ASB is composed of five to nine members who are appointed by the BOT and may serve up to eight years. Activities of the Board are directed by the Chair, who is appointed by the BOT for a one-year term.

Role: Establishes minimum education, experience, and examination requirements for real property and personal property appraisers

Established by The Appraisal Foundation and congressionally authorized by Title XI of FIRREA, the Appraiser Qualifications Board (AQB) is responsible for setting the Real Property Appraiser Qualification Criteria (Criteria), which all state-licensed and certified appraisers must meet. It also sets criteria for personal property appraiser designations issued by Partners.

The AQB’s responsibilities include:

• Developing and revising the Criteria and Personal Property Appraiser Qualification Criteria through public Exposure Drafts
• Hosting virtual public meetings to hear feedback from stakeholders
• Publishing Q&As to clarify how the Criteria are applied
• Administering programs like:
  the Course Approval Program (CAP)
  and the Real Estate Degree Review Program
  

As with the ASB, the AQB considers all public comments before making any changes to its Criteria.

The AQB is composed of five to nine members who are appointed by the BOT and may serve up to eight years.  Activities of the Board are directed by the Chair, who is appointed by the BOT for a one-year term.