Certified Residential Appraiser Practice Exam

Which body is responsible for establishing qualifications that states must adopt for appraiser licensing?

1. FHA

2. TAF

3. AQB

4. USPAP

The correct answer is: AQB

The body responsible for establishing qualifications that states must adopt for appraiser licensing is the Appraiser Qualifications Board (AQB). The AQB develops and maintains the qualifications criteria for state-licensed and certified appraisers in the United States. They provide a framework that states must follow in order to ensure consistency and competency in the appraisal profession. The AQB is part of The Appraisal Foundation (TAF), which serves as the parent organization and supports multiple facets of the appraisal profession. However, it is specifically the AQB that focuses on the qualification standards, making it the correct answer. Understanding the roles of the other entities helps clarify this distinction. The Federal Housing Administration (FHA) deals with the regulations surrounding housing finance but does not specifically set appraiser licensing qualifications. The Appraisal Foundation (TAF) oversees the AQB and the development of standards but does not establish the qualifications directly. Lastly, the Uniform Standards of Professional Appraisal Practice (USPAP) provides ethical and performance standards for appraisers but is not involved in setting licensing qualifications. This delineation further solidifies why AQB is the appropriate choice for this question.