The Appraisal Foundation (TAF) is the United States organization responsible for setting standards for the real estate valuation profession.
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 Subcommittee (ASC), with members from the major federal lending regulators, monitors and reviews the activities of TAF and oversees the state licensing agencies.
[3] Banks make widespread use of appraisals in their real estate lending activity mortgage loans and mortgage-backed securities.
The difficulties and losses experienced by many lending institutions illustrated the importance of ensuring that appraisals are based upon established, recognized standards, free from outside pressures.
Users of appraisal services and consumers can feel confident that the foundation is working to serve their needs and help protect their financial well-being.
FIRREA mandates that all state certified appraisers must meet the minimum education, experience and examination requirements promulgated by the AQB.
The APB was charged with the responsibility of identifying and issuing opinions on recognized valuation methods and techniques, which may apply to all disciplines within the appraisal profession.