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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.
The Appraisal Standards Board (ASB) develops, interprets and amends the Uniform Standards of Professional Appraisal Practice (USPAP). The ASB is composed of seven appraisers who are appointed by the Board of Trustees of The Appraisal Foundation. Activities of the Board are directed by the Chair, who is appointed by the Board of Trustees for a ...
USPAP represents the generally accepted and recognized standards of appraisal practice. At its organizational meeting held on January 30, 1989, the Appraisal Standard Board unanimously approved and adopted the original USPAP as the initial appraisal standards promulgated by ASB. USPAP may be amended, Interpreted, or retired by ASB after ...
The Federal Financial Institutions Examination Council (FFIEC) is a formal U.S. government interagency body composed of five banking regulators that is "empowered to prescribe uniform principles, standards, and report forms to promote uniformity in the supervision of financial institutions". [2] It also oversees real estate appraisal in the ...
The Appraisal Foundation (TAF) is the primary standards body; its Appraisal Standards Board (ASB) promulgates and updates best practices as codified in the Uniform Standards of Professional Appraisal Practice (USPAP), while its Appraisal Qualifications Board (AQB) promulgates minimum standards for appraiser certification and licensing.
An appraiser performing and communicating an appraisal under USPAP may estimate value assuming facts and conditions proscribed by a legal presumption, but a determination would have to be made whether the assumption is an extraordinary assumption or hypothetical condition and communicated appropriately as required under USPAP.
Economic Growth, Regulatory Relief and Consumer Protection Act. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided ...
California. Bureau executive. Jim Martin, Bureau Chief. Parent bureau. California Department of Consumer Affairs. Website. www.brea.ca.gov. The California Bureau of Real Estate Appraisers (BREA) is a division of the California Department of Consumer Affairs responsible for real estate appraiser licensing and certification in California.