[immodule-qt] NUMBER ONE Success System

[Tommy Lee]

http://www.noss123.com/

United States

Appraisal practice in the US is regulated by the various states. Prior to
the 1990's, there were no commonly accepted standards either for appraisal
quality or for appraiser licensure. In the 1980s, an ad-hoc committee
representing various appraisal professional organizations in the U.S. and
Canada met to codify the best practices into what became known as the
Uniform Standards of Professional Appraisal Practice, or USPAP. The Savings
and Loan Crisis in the U.S. resulted in increased Federal regulation of the
mortgage lending process via the Financial Institutions Reform, Recovery and
Enforcement Act of 1991. A portion of this act required federal lending
regulators to adopt appraisal standards. A not-for-profit organization, the
Appraisal Foundation (TAF), was formed by the same organizations which had
developed USPAP, and the copyright for USPAP was signed over to TAF. Federal
oversight of TAF is provided by the Appraisal Subcommittee, made up of
representatives of various Federal lending regulators. TAF carries out its
work through two boards: the Appraisal Standards Board promulgates and
updates USPAP; the Appraisal Qualifications Board (AQB) promulgates minimum
recommended standards for appraiser certification and licensure. During the
1990s, all of the states adopted USPAP as the governing standards within
their states and developed licensure standards which met or exceeded the
recommendations of TAF. Also, the various state and federal courts have
adopted USPAP for real estate litigation and all of the federally lending
regulators adopt USPAP for mortgage finance appraisal.[7]

In addition, there are professional appraisal organizations, organized as
private not-for-profits, which date to the Great Depression of the 1930s.
One of the oldest in the U.S. is the American Society of Farm Managers and
Rural Appraisers (ASFMRA), founded in 1929.[8] Others were founded as needed
and opportunity arose in specialized fields, such as the Appraisal Institute
(AI) and the American Society of Appraisers (ASA) founded in the 1930s, the
International Right of Way Association and the National Association of
Realtors which were founded after World War II. These organizations all
existed to establish and enforce standards, but their influence has waned as
the government increases appraisal regulation. In March 2007, three of these
organizations (ASFMRA, ASA, and AI) announced an agreement in principle to
merge. NAIFA (National Association of Independent Fee Appraisers), a charter
member of The Appraisal Foundation, helped to write Title XI, the Real
Estate Appraisal Reform Amendments. It was founded in 1961.
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