Property Valuation
Which federal law requires federally regulated lenders to use licensed or certified appraisers for most real estate transactions above a certain threshold?
ARESPA (Real Estate Settlement Procedures Act)
BFIRREA (Financial Institutions Reform, Recovery, and Enforcement Act of 1989)✓ Correct
CTILA (Truth in Lending Act)
DDodd-Frank Wall Street Reform Act
Explanation
FIRREA (1989) established the requirement that federally regulated lenders use state-licensed or state-certified appraisers for real estate transactions above specified thresholds. It created the Appraisal Foundation and the Appraisal Subcommittee to set national standards (USPAP) and oversee state appraiser licensing.
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