What is the name of the umbrella organization authorized by Congress to oversee real estate appraisal standards?

The Appraisal Foundation is the organization authorized by Congress to oversee real estate appraisal standards. This foundation was established to promote professionalism in the appraisal industry and to enhance public trust in real estate appraisals. It sets forth guidelines and standards, particularly through its Uniform Standards of Professional Appraisal Practice (USPAP), which are essential for maintaining consistency and quality in appraisal practices across the country. This authority is crucial in ensuring that appraisals are conducted with a high level of integrity and professionalism, which benefits both consumers and the real estate market overall.

While other organizations, such as The Appraisal Institute, primarily focus on education and advocacy for appraisers, and the National Association of Realtors represents real estate professionals, they do not have the same legislative backing to establish appraisal standards as The Appraisal Foundation does. The Board of Real Estate Appraisers, on the other hand, typically serves a regulatory function and does not hold the same national oversight authority. This is why The Appraisal Foundation stands out as the correct answer.