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will be developed with the help of market surveys and small groups of volunteer "subject matter experts" who will draft guidance for review and approval by the board.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 Uniform Standards of Professional Appraisal Practice (USPAP) in January, 1989, which is recognized throughout the U.S. as the generally accepted standards of professional appraisal practice.
The Foundation’s existing boards include an Appraiser Qualifications Board (AQB) and an Appraisal Standards Board (ASB).
More than 125 qualified candidates applied to serve on the new Appraisal Practices Board, which will begin work next month. The inaugural board’s members, who will serve terms of 18 or 30 months, are:
- Jay Fishman of Bala Cynwyd, Pennsylvania, 30-month term
- Guy Griscom of Houston, Texas, 30-month term
- Alan Hummel of St. Paul, Minnesota, 30-month term
- Mark Linné of Bailey, Colorado, 18-month term
- Alok Mahajan of Mountain View, California, 18-month term
- Gary Taylor of Brooksville, Florida, 30-month term
- Jim Vernor of Atlanta, Georgia, 18-month term
Taylor will serve as chairman of the Appraisal Practices Board for 18 months and Fishman as vice chair.
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