Title 12 — Banks and BankingRelease 119-73not60
§3339 Functions of Federal Financial Institutions Regulatory Agencies Relating to Appraisal Standards
Title 12 › Chapter 34A— APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL › § 3339
Summary
Each federal financial regulator and the Resolution Trust Corporation must set rules for real estate appraisals used in federal transactions they oversee. The rules must require appraisals to follow the standards created by the Appraisal Standards Board of the Appraisal Foundation, be written reports, and be reviewed to make sure they meet the Uniform Standards of Professional Appraisal Practice.
Full Legal Text
Title 12, §3339
Banks and Banking — Source: USLM XML via OLRC
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;
(2)that such appraisals shall be written appraisals; and
(3)that such appraisals shall be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
2010—Pub. L. 111–203 added par. (3).
Statutory Notes and Related Subsidiaries
Effective Date
of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the date on which final
Regulations
implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such
Regulations
have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.
Reference
Citations & Metadata
Citation
12 U.S.C. § 3339
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60