Definition: The Financial Institutions Reform, Recovery, and Enforcement Act of 1989, a federal law whose Title XI established an appraisal-regulation framework for federally related transactions.
Example
A covered transaction requires appraisal services that meet the applicable federal and state framework.
Keep the distinction clear
FIRREA is a law, not an appraisal method. The detailed requirements and exemptions depend on the transaction and the responsible regulator.
Related terms
Federally Related Transaction · State-Certified Appraiser · Uniform Standards of Professional Appraisal Practice (USPAP)
Keep studying
References: Appraisal Subcommittee: federal appraisal oversight
Comments
0 comments
Article is closed for comments.