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Appraisers create practices board

Market surveys, experts will assist board in drafting guidelines

The Appraisal Foundation has named seven members to serve on a new Appraisal Practices Board that will issue guidance to appraisers on emerging valuation issues in the marketplace.The voluntary guidance, intended to assist appraisers, appraiser regulators and educators, will be developed with the help of market surveys and small groups of volunteer "subject matter experts" who will draft guidance for review and approval by the board.The creation of the board "represents a significant national milestone in the advancement of the appraisal profession," said David Wilkes, the chairman of the Appraisal Foundation's board of trustees, in a press release. The board's guidance will "contribute directly to the credibility and reliability of appraisals," he said.The Appraisal Foundation was formed in the aftermath of the Savings and Loan crisis, and authorized by Congress to issue appraisal standards and appraiser qualifications. The Foundation's board adopted the ...

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