§3342 Transactions Requiring Services of State Certified Appraiser

Summary

Federal agencies must decide when a transaction tied to the federal government needs a State certified appraiser by looking at how important the transaction is financially or for public policy. Any federally related transaction worth $1,000,000 or more must use a State certified appraiser. For 1-to-4 unit single-family homes, a State licensed appraiser can do the work unless the case is complex. A complex 1-to-4 appraisal is when the property, how it’s owned, its features, or the local market are unusual. A State certified appraiser may use help from a State credentialed trainee or an unlicensed trainee, but the certified appraiser remains responsible for the appraisal and valuation.