In 1986, nine leading professional appraisal organizations in the United States and Canada agreed to form the Ad Hoc Committee on the USPAP. These nine groups were:
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Appraisal Institute of Canada
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American Institute of Real estate Appraisers (AIREA) - - in 1991, AIREA and Society merge together under the new name Appraisal Institute
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American Society of Appraisers
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American Society of Farm Managers and Rural Appraisers
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International Association of Assessing Officers
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International Right of Way Association
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National Association of Independent Fee Appraisers
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National Society of Real Estate Appraisers
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Society of Real Estate Appraisers (Society) - - in 1991, the Society and AIREA merge together under the new name Appraisal Institute
In 1987, agreeing upon a generally accepted set of standards, the eight United States committee members adopted those standards and thereafter established the Foundation in 1987 to implement the USPAP. The AQB was included in the Foundation structure to develop and promote meaningful criteria by which the competence of appraisers could be measured. The USPAP was adopted by the ASB of the Foundation on January 30, 1989 and is recognized throughout the United States as the generally accepted standards of professional appraisal practice.
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