The Oklahoma Real Estate Appraiser Board was established by the Legislature in 1990 with the enactment of the Oklahoma Certified Real Estate Appraisers Act (59 O.S. 858-700 et seq.). It was established with the intent of developing a real estate appraiser certification process to meet federal guidelines set forth in the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989. The purpose of the Act is to provide real estate appraisers within the state with a process for certification which will allow them to participate in a federally regulated transaction and real estate-related financial transactions of the agencies, instrumentalities and federally recognized entities as defined and recognized in Title XI of FIRREA.
The Oklahoma Real Estate Appraiser Board is an independent adjunct to the Oklahoma Insurance Department. The Board consists of seven regular members appointed by the Governor for five year terms, and one ex-officio Chairperson, the Insurance Commissioner. Of the seven regular members, four are real estate appraisers, one represents the commercial banking industry, one is a lay-person, and one is from the real estate sales industry. The Board elects a Vice-Chairperson from among the seven regular Board members.
The regulation of the real estate appraiser industry is accomplished by a combination of federal, state, and private involvement.
- The Appraisal SubCommittee (ASC) of the Federal Financial Institutions Examination Council is tasked with oversight of both The Appraisal Foundation and states’ appraiser regulatory programs. The ASC enforces the requirements of FIRREA with respect to the various licensing jurisdictions. More information about ASC can be found at www.asc.gov.
- The Appraisal Foundation (TAF), a private, not-for-profit educational organization was authorized by Congress and established by the appraisal profession. TAF is the source of Appraisal Standards and Appraiser Qualifications. TAF is parent organization to the Appraiser Qualifications Board (AQB), and Appraisal Standards Board (ASB). More information about TAF may be found at http://www.appraisalfoundation.org
- The AQB establishes the criteria for state licensing, certification and recertification of appraisers. This includes education, experience and examination requirements. Information regarding AQB may be found at http://www.appraisalfoundation.org.
- The ASB sets forth the rules for developing an appraisal and reporting its results. ASB is the proponent agency for the Uniform Standards of Professional Appraisal Practice (USPAP). More may be found at http://www.appraisalfoundation.org.
Much of the work of The Appraisal Foundation is supported through the professional input and financial assistance of Sponsoring Organizations. Currently, there are two types of Sponsors. Appraisal Sponsors are non-profit organizations serving appraisers and Affiliate Sponsors are non-profit organizations serving those with an interest in appraisal, primarily the users of appraisal services. Each Sponsor appoints one member to the Board of Trustees.