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The Appraisal Foundation (TAF) is the United States organization responsible for setting standards for the real estate valuation profession. The organization sets the congressionally authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals.
The Labor Market Information division produces Michigan employment, occupation, and industry data through partnerships with U.S. Department of Labor. The state demographer’s team analyzes Michigan’s changing population size and structure and manages the state’s relationship with the U.S. Census Bureau. Office of Performance Management
An appraiser performing and communicating an appraisal under USPAP may estimate value assuming facts and conditions proscribed by a legal presumption, but a determination would have to be made whether the assumption is an extraordinary assumption or hypothetical condition and communicated appropriately as required under USPAP.
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The Appraisal Institute of Canada defines the term highest and best use as: The reasonably probable and legal use of property, that is physically possible, appropriately supported, and financially feasible, and that results in the highest value. The Appraisal Institute defines highest and best use as follows:
A "certified or licensed appraiser" is defined as someone who: is certified or licensed by the state in which the property is located; performs each appraisal in conformity with Uniform Standards of Professional Appraisal Practice and title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989
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