Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)

National Real Estate Exam Glossary

The Financial Institutions Reform, Recovery, and Enforcement Act of 1989, enacted after the savings-and-loan crisis, which requires that appraisals for federally related transactions be performed by state-licensed or state-certified appraisers and conform to USPAP. It is the statute that professionalized appraisal regulation.

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