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U.S. Code as of:
01/19/04
Section 3350. Definitions
For purposes of this chapter:
(1) State appraiser certifying and licensing agency
The term "State appraiser certifying and licensing agency"
means a State agency established in compliance with this chapter.
(2) Appraisal Subcommittee; subcommittee
The terms "Appraisal Subcommittee" and "subcommittee" mean the
Appraisal Subcommittee of the Federal Financial Institutions
Examination Council.
(3) Council
The term "Council" means the Federal Financial Institutions
Examinations Council.
(4) Federally related transaction
The term "federally related transaction" means any real
estate-related financial transaction which -
(A) a federal financial institutions regulatory agency or the
Resolution Trust Corporation engages in, contracts for, or
regulates; and
(B) requires the services of an appraiser.
(5) Real estate related financial transaction
The term "real estate-related financial transaction" means any
transaction involving -
(A) the sale, lease, purchase, investment in or exchange of
real property, including interests in property, or the
financing thereof;
(B) the refinancing of real property or interests in real
property; and
(C) the use of real property or interests in property as
security for a loan or investment, including mortgage-backed
securities.
(6) Federal financial institutions regulatory agencies
The term "Federal financial institutions regulatory agencies"
means the Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporations, the Office of the
Comptroller of the Currency, the Office of Thrift Supervision,
and the National Credit Union Administration.
(7) Financial institution
The term "financial institution" means an insured depository
institution as defined in section 1813 of this title or an
insured credit union as defined in section 1752 of this title.
(8) Chairperson
The term "Chairperson" means the Chairperson of the Appraisal
Subcommittee selected by the council.(!1)
(9) Foundation
The terms "Appraisal Foundation" and "Foundation" means the
Appraisal Foundation established on November 30, 1987, as a not
for profit corporation under the laws of Illinois.
(10) Written appraisal
The term "written appraisal" means a written statement used in
connection with a federally related transaction that is
independently and impartially prepared by a licensed or certified
appraiser setting forth an opinion of defined value of an
adequately described property as of a specific date, supported by
presentation and analysis of relevant market information.
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