The Appraisal Subcommittee (ASC), the independent federal agency overseeing the real estate appraisal industry, has launched a legal and policy review of real estate appraisal standards and appraiser qualification criteria.
ASC’s partner, the Council on Licensure, Enforcement, and Regulation (CLEAR), has built a consortium of organizations that will review the Uniform Standards of Professional Appraisal Practice (USPAP) and the Real Property Appraiser Qualification Criteria (Criteria), as well as the 15-Hour National USPAP and 7-Hour National USPAP Update Courses required to attain and maintain licensure as an appraiser.
The agency said that the goal of the policy review is to determine whether the established federal requirements “ensure and promote fairness, equity, objectivity, and diversity, in both appraisals and the training and credentialing of appraisers. With funding from the ASC, USPAP and the Criteria will be reviewed against fair housing, fair lending, and civil rights laws.”