12 U.S.C. § 3339 : US Code - Section 3339: Functions of Federal financial institutions regulatory agencies relating to appraisal standards

Search 12 U.S.C. § 3339 : US Code - Section 3339: Functions of Federal financial institutions regulatory agencies relating to appraisal standards

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 -

(1) 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; and
(2) that such appraisals shall be written appraisals.
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.