The Appraisal Foundation is an organization formed to establish uniform requirements for appraiser qualifications and reporting standards. It is governed by a Board of Trustees and includes three independent boards.
The Appraisal Institute of Canada (AIC) is the Canadian national society of professional real estate appraisers, founded in 1938, dedicated to serving the public interest through advancing high standards for the appraisal profession. The AIC grants the CRA (Canadian Residential Appraiser) and AACI (Accredited Appraiser Canadian Institute) designations.
A Certified Residential Appraiser is a professional qualified to appraise residences and up to four units of housing with no limit on the value. This certification requires completion of specific education, experience, and adherence to professional appraisal standards.
A licensed appraiser is a professional who holds a designation that allows them to appraise non-complex residential properties of one to four units valued up to $1 million and complex properties of one to four units up to $250,000.
The National Association of Independent Fee Appraisers (NAIFA) is a professional organization that represents fee appraisers in the real estate industry. It aims to promote the highest standards of professionalism, ethics, and competency among its members.
Uniform Standards of Professional Appraisal Practice (USPAP) is a set of requirements covering ethics, record keeping, research, and reporting promulgated by the Appraisal Foundation, and adhered to by its members.
A set of standards that guide professional appraisal practice in the United States and help ensure that appraisals are conducted consistently and ethically.
