FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) requires:
Correct Answer
B) Appraisals for federally related transactions to be performed by licensed/certified appraisers
FIRREA, passed in 1989, requires that appraisals for federally related transactions be performed by licensed or certified appraisers. It also established uniform appraisal standards (USPAP) and state appraiser licensing requirements.
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Example of economic obsolescence in real estate?
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