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Real Estate Appraiser Guidelines - HUD, FHA, FNMA, GNMA, and FHLMC

Purpose of this Section: The following section contains appraisal guidelines for licensed appraisers in one State in the USA. I've included this section to be used as a reference for you regardless of which State you live or work in. These guidelines can help further clarify the appraisal topics discussed in this book. The text is written in a very formal and technical style of writing since it is used by this State's Department of Real Estate for their appraiser licensing procedures. You don't need to try and memorize everything right away since it will seem overwhelming if you try to do that. Just take your time so you can learn at your own pace and refer back to this book as needed, like a reference manual.

These guidelines can help further clarify the appraisal topics discussed in this book. The text is written in a very formal and technical style of writing since it is used by this State's Department of Real Estate for their appraiser licensing procedures. You don't need to try and memorize everything right away since it will seem overwhelming if you try to do that. Just take your time so you can learn at your own pace and refer back to this book as needed, like a reference manual.

Background: In 1989, Congress passed the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), commonly known as the "Savings and Loan Bailout Bill." Title XI of FIRREA contains the Real Estate Appraisal Reform Amendments which require each state to establish a program to license and certify real estate appraisers who perform appraisals for federally related transactions. Title XI additionally requires states to adhere to real estate appraiser qualifications criteria set by the Appraiser Qualifications Board (AQB) of The Appraisal Foundation.

Office of Real Estate Appraisers (OREA)

In response to FIRREA, in 1990 the State Legislature enacted the Real Estate Appraisers Licensing and Certification Law (Business and Professions Code Section 11300, et seq.) This law created the Office of Real Estate Appraisers (OREA), which was organized in early 1991. OREA regulates real estate appraisers by issuing licenses and investigating complaints of illegal or unethical activity by licensed appraisers.

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