The Appraiser Standards Committee has set targets for itself in three spheres of quality:
- Professionalism: prescribing instructions as to working attitudes and norms in responding to a question of as to evaluation of rights.
- A level of proper disclosure: setting a standard of detailed listing of data, principles and calculations required in an appraisal report.
- Clarity: setting rules and instructions that will assist the Appraiser in formulating a structured and clear real estate appraisal for those making use of it. The Committee acts in accordance with an outline approved by the Real Estate Appraisers Council. The process of formulation of a standard includes various control and approval stages which include, inter alia, continuous exposure to the public for the purpose of obtaining their comments and observations, a verbal hearing before a sub-committee, and two stages of approval by the plenum of the Appraisers Council.
The Committee consists of 11 permanent members and observers from various fields of activity closely linked to the sphere of real estate and appraisals.
The status of the Standards is currently merely that of a working norm recommendation and there is no mandatory obligation requiring that real estate assessments be made in accordance with the Standards. However, an Appraiser who elects to prepare an appraisal in accordance with provisions of the Standard will be entitled to use a symbol that is evidence of this in respect of an appraisal that he has prepared (see on the page entitled "aids to appraisal"/"symbol of the Appraisal Standards Committee").
Currently some of those requiring an appraisal demand from the Appraisers working for them that real estate appraisals shall be prepared in accordance with the Standards. Up until the present time 18 Appraisal Standards have been approved and are numbered according to subject matters:
- The first Standards deal with the arrangement of the Sections in the appraisal and the usually accepted approaches of the Appraiser in respect of various types of properties (Standards Nos. 1.0-3.0).
- Determining the contents and form of the various chapters in a real estate appraisal (Standards Nos. 4.0-8.0).
- Determination of the guiding principles for the preparation of appraisals for special purposes such as securities, consolidation and partition etc. (Standards Nos. 9.0, 11.0, 14.0-19.0).