The Appraisal Foundation: How many separate boards compose it?
The Appraisal Foundation is composed of **two separate boards**: the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB). Each of these boards plays a critical role in setting and upholding the standards for appraisers in the United States.
FAQs about the Appraisal Foundation:
1. What is the Appraisal Foundation?
The Appraisal Foundation is a nonprofit organization dedicated to promoting professionalism and ensuring public trust in the valuation profession.
2. What does the Appraiser Qualifications Board (AQB) do?
The AQB establishes the minimum education, experience, and examination requirements for real property appraisers in the United States.
3. What is the role of the Appraisal Standards Board (ASB)?
The ASB develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP), which are the generally accepted standards for real property appraisals in the U.S.
4. How many members are on each board?
Each board consists of seven members who are appointed by the Board of Trustees of the Appraisal Foundation.
5. Are the members of the boards compensated for their service?
Yes, the members of the AQB and ASB receive compensation for their service, including reimbursement for travel expenses.
6. How often do the boards meet?
The AQB generally meets two to three times per year, while the ASB meets at least twice a year to discuss and address issues related to appraisal standards.
7. How are the standards set by the boards enforced?
The standards established by the AQB and ASB are enforced through state appraisal boards and regulatory agencies, which have the authority to discipline appraisers who do not comply with the standards.
8. Are the standards developed by the boards legally binding?
Yes, the standards developed by the AQB and ASB are considered legally binding for appraisers in the U.S., and failure to comply with them can result in disciplinary action.
9. Can appraisers provide input on the standards developed by the boards?
Yes, the boards actively seek input from appraisers, consumers, and other stakeholders through public exposure drafts and comment periods before finalizing any changes to the standards.
10. How are the members of the boards selected?
Members of the AQB and ASB are appointed based on their expertise in the valuation profession, and the selection process aims to ensure a diverse representation of the industry.
11. How do the boards stay informed about industry trends and developments?
The AQB and ASB regularly collaborate with industry organizations, government agencies, and other stakeholders to stay informed about emerging trends and developments in the valuation profession.
12. What is the main goal of the boards within the Appraisal Foundation?
The main goal of the AQB and ASB is to promote and maintain high standards of professionalism, ethics, and competency in the valuation profession, ultimately enhancing public trust and confidence in the work of appraisers.