Certified Residential Appraiser Practice Exam

Which entity appoints members to the ASB and AQB?

1. The Board of Trustees

2. The Appraisal Foundation

3. The Federal Reserve

4. The Department of Housing

The correct answer is: The Board of Trustees

The correct answer is that the Appraisal Foundation is the entity responsible for appointing members to the Appraisal Standards Board (ASB) and the Appraisal Qualifications Board (AQB). The Appraisal Foundation plays a crucial role in regulating the appraisal profession, and as part of its responsibilities, it oversees the establishment of appraisal standards and qualifications. This is essential for ensuring that appraisers are properly educated and adhere to the standards necessary for maintaining public trust in the appraisal profession. The Board of Trustees of the Appraisal Foundation is involved in governance and oversight, but it is primarily the Appraisal Foundation itself that is tasked with the appointment of members to these specific boards. The other entities mentioned do not have this role in the context of appointing members to either the ASB or AQB, thus highlighting the Appraisal Foundation's unique position in overseeing the standards and qualifications for appraisers.