(1) a State certified appraiser shall be required for all federally related transactions having a value of $1,000,000 or more; and
(2) 1-to-4 unit, single family residential appraisals may be performed by State licensed appraisers unless the size and complexity requires a State certified appraiser, where a complex 1-to-4 unit single family residential appraisal means an appraisal for which the property to be appraised, the form of ownership, the property characteristics, or the market conditions are atypical.
Structure US Code
CHAPTER 34A— APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
§ 3332. Functions of Appraisal Subcommittee
§ 3333. Chairperson of Appraisal Subcommittee; term of Chairperson; meetings
§ 3335. Powers of Appraisal Subcommittee
§ 3338. Roster of State certified or licensed appraisers; authority to collect and transmit fees
§ 3340. Time for proposal and adoption of standards
§ 3342. Transactions requiring services of State certified appraiser
§ 3343. Transactions requiring services of State licensed appraiser
§ 3344. Time for proposal and adoption of rules
§ 3345. Certification and licensing requirements
§ 3346. Establishment of State appraiser certifying and licensing agencies
§ 3347. Monitoring of State appraiser certifying and licensing agencies
§ 3348. Recognition of State certified and licensed appraisers for purposes of this chapter
§ 3349. Violations in obtaining and performing appraisals in federally related transactions
§ 3351. Miscellaneous provisions
§ 3352. Emergency exceptions for disaster areas
§ 3353. Appraisal management company minimum requirements
§ 3354. Automated valuation models used to estimate collateral value for mortgage lending purposes
§ 3356. Exemption from appraisals of real estate located in rural areas