Eight major organizations representing professional appraisers in the U. S. established The Appraisal Foundation (the Foundation) in 1987.
The development of the Foundation and the establishment of its two independent Boards - The Appraisal Standards Board (ASB) and The Appraiser Qualifications Board (AQB) - were central to achieving public acceptance of the standards and qualifications criteria for professional appraisal practice. The Foundation constituted these Boards with the exclusive authority to promulgate the standards and qualifications criteria for the benefit of the public, without preference to any constituency.
The Ad-Hoc Committee that was formed by these organizations also developed the initial set of Uniform Standards of Professional Appraisal Practice (USPAP) with the express purpose of promoting and preserving public trust and confidence in professional appraisal practice.
It was recognized that there are different types of assets to be appraised, and that appraisers tend to specialize in the appraisal of certain of those assets, forming different appraisal disciplines. The types of assets appraised fall into three broad categories: real property, tangible personal property, and intangible property, including businesses. The appraisers of these different assets are all in one profession, the appraisal profession, so it was believed reasonable to include all appraisal disciplines in USPAP.