Glossary

Appraisal Standards Board (ASB)

Also known as: ASB

The independent board within The Appraisal Foundation responsible for writing, interpreting, and periodically updating USPAP.

The ASB operates through a public exposure-draft and comment process before adopting USPAP changes, historically on a two-year cycle, though the Foundation has moved toward more continuous updates for some content. Its output is binding: state appraiser boards are required by federal law to enforce whatever version of USPAP the ASB has adopted as the standard for state-licensed and state-certified appraisers. In practice, most substantive USPAP changes an appraiser encounters — clarified definitions, revised Advisory Opinions folded into the standards, new Frequently Asked Questions — originate from ASB deliberations, making its exposure drafts a useful early signal for lenders and review appraisers of where documentation expectations are headed.