The Appraisal Foundation

Updated 2026-05-17

The Appraisal Foundation is a non-profit organization established by the appraisal profession in the United States. Its primary mission is to promote professionalism and ensure public trust in the appraisal profession.

Key Boards and Functions

The Appraisal Foundation operates through two main boards, each with distinct responsibilities:

Appraisal Standards Board (ASB)

The Appraisal Standards Board (ASB) is the recognized authority for setting appraisal standards in the United States. It is responsible for developing, publishing, and interpreting the Uniform Standards of Professional Appraisal Practice Uspap.

• Standard Setting: The ASB adopts and promulgates USPAP, which provides the ethical and performance standards for appraisers.
• Public Trust: By establishing and maintaining these standards, the ASB contributes to public trust in appraisal services and the reliability of appraisal reports used in various financial transactions, including mortgage lending.

Appraiser Qualifications Board (AQB)

The Appraiser Qualifications Board (AQB) establishes the minimum education, experience, and examination requirements for state-licensed and certified appraisers.

Uniform Standards of Professional Appraisal Practice (USPAP)

The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted ethical and performance standards for the appraisal profession in the United States. Developed by The Appraisal Foundation through its ASB, USPAP provides a framework for appraisers to ensure consistency, quality, and ethical conduct in their work.

Compliance and Importance

• Mandatory Compliance: Appraisers are required to comply with USPAP when performing appraisals for mortgage finance transactions. This compliance is often certified in forms like the Appraisal Assumptions and Limiting Conditions, underscoring the foundation's influence on appraisal practice in mortgage lending.
• VA Appraisals: For VA-guaranteed loans, compliance with USPAP is a critical aspect of the appraisal review process. Staff Appraisal Reviewers (SARs) are responsible for determining that fee appraisers used appropriate and reasonable methodologies and complied with applicable VA requirements, including USPAP. The Appraisal Management System (AMS) also assists SARs in verifying USPAP compliance, especially for high-risk appraisals requiring comprehensive review.
• Unacceptable Appraisal Practices: Failing to adhere to USPAP is considered an unacceptable appraisal practice by entities like Fannie Mae, which can compromise the reliability and integrity of an appraisal. Lenders are required to identify and address these practices during both pre-funding and post-closing appraisal reviews.