chapter 1 summary: ANSWER 1. The confluence of historical economic events and the development of the uniform appraisal standards and regulatory structure occurred in the late 1980s.
2. Eight U.S. based professional appraisal organizations created The Appraisal Foundation in 1987 to promulgate standards of practice and minimum appraiser qualifications criteria for the benefit of the public.
3. The development of standards placed greater expectations on the appraiser to act in a manner that promotes public trust and confidence in appraisal services.
4. The Appraisal Standards Board (ASB) has complete authority over the development and promulgation of appraisal standards (USPAP) within the Foundation.
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