Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe appropriate standards for the performance of real estate appraisals in connection with federally related transactions under the jurisdiction of each such agency or instrumentality. These rules shall require, at a minimum—
that real estate appraisals be performed in accordance with generally accepted appraisal standards as evidenced by the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation;
that such appraisals shall be written appraisals; and
that such appraisals shall be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.
Each such agency or instrumentality may require compliance with additional standards if it makes a determination in writing that such additional standards are required in order to properly carry out its statutory responsibilities.
Pub. L. 101–73, title XI, § 1110103 Stat. 514Pub. L. 111–203, title XIV, § 1473(e)(1)124 Stat. 2191(, , ; , , .)
Editorial Notes
Amendments
Pub. L. 111–2032010— added par. (3).
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Pub. L. 111–203section 1400(c) of Pub. L. 111–203section 1601 of Title 15Amendment by effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see , set out as a note under , Commerce and Trade.