Key Terms Flashcards
An independent board of The Appraisal Foundation which is responsible for the subject, style, content, and substance of USPAP and other communications related to appraisal standards, including Advisory Opinions and FAQs.
Appraisal Standards Board (ASB)
Created as a result of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) to provide federal oversight of State appraiser regulatory programs and monitoring frame work for the Appraisal Foundation and the Federal Financial Institutions Regulatory Agencies in their roles to protect federal financial and public policy interests in real estate appraisals utilized in federally related transactions.
Appraisal Subcommittee
An independent board of the Appraisal Foundation which is responsible for establishing minimum education, experience, and other criteria for certification and recertification of qualified appraisers
Appraiser Qualifications Board (AQB)
An act passed in 1989 as a comprehensive savings and loan bailout and preventive measure against future S&L insolvency. This act recognizes USPAP as the industry standard for appraisals, and identifies the Appraisal Foundation as the authority for professional appraisal standards.
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)
Guidance or advice provided by the AQB for assistance in understanding and implementing the Criteria.
Guide Notes
Established by the Appraiser Qualifications Board (AQB) of The Appraisal Foundation, these Criteria set forth the minimum education, experience, and examination requirements for real property appraisers
Real Property Appraiser Qualification Criteria (Criteria)
A set of appraisal subject matter major heading known as “modules” which require a specified number of educational hours at each credential level.
Required Core Curriculum
A nonprofit private organization which is recognized by Congress as the authority for professional appraisal standards and appraiser qualifications.
The Appraisal Foundation (TAF)
Professional appraisal standards promulgated by The Appraisal Foundation, and widely recognized throughout the United Stated as accepted standards of appraisal practice.
Uniform Standards of Professional Appraisal Practice (USPAP)
This new organization would be named the Appraisal Foundation, which at its time of creation had 3 boards.
- Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
The Appraisal Foundation Boards
Is the governing body of the Appraisal Foundations. The BOT:
Appoints members to the AQB and the ASB.
Ensures financing of TAF.
Monitors performance and oversight of TAF and its boards and advisory councils.
Board of Trustees (BOT)
The AQB sets minimum standards for appraisers, which include four major components: Qualifying education, experience, continuing education and examination.
AQB’s Four Major Components
Forms prescribed by the state certification/licensing agency, which shall include:
Type of property.
Date of report.
Address of appraised property.
Description of work performed by the trainee/applicant and scope of the review and supervision of the supervising appraiser.
Number of actual work hours by the trainee/applicant on the assignment .
The signature and state certification number of the supervising appraiser if applicable.
Verification
Other appraisers who have expertise and competency in a similar type of assignment.
Appraiser’s Peers
An appraiser’s opinions or conclusions, not limited to value, that were developed when performing an appraisal assignment, an appraisal review assignment, or a valuation service other than an appraisal or appraisal review.
Assignment Results
