Which entity has Congressional authority to develop and enforce appraisal standards?

The Appraisal Foundation (TAF) is recognized as the entity with Congressional authority to develop and enforce appraisal standards. Established in 1987, TAF's primary purpose is to enhance and promote professional standards in the appraisal industry, encompassing both the real property and personal property appraisal.

TAF oversees the establishment of the Uniform Standards of Professional Appraisal Practice (USPAP), which serves as a national standard for appraisal practices in the United States. Additionally, its role is backed by the Congressional mandate, granting it the authority to set these standards and ensuring that they are adhered to by all professionals within the appraisal field.

Understanding the role of The Appraisal Foundation is crucial, especially since other entities mentioned have different functions. Fannie Mae, while significant in the mortgage industry, is a government-sponsored enterprise and does not set appraisal standards. The Appraisal Institute is a professional association that provides education and resources to appraisers but does not hold the authority to enforce standards at a national level. Lastly, the Appraiser Independence Requirement (AIR) Board addresses independence and conflict of interest concerns in the appraisal process but is not responsible for establishing appraisal standards.