BASIC APPRAISAL PRINCIPLES - CH 8 EXAM QUESTIONS AND ANSWERS 100% PASS

BASIC APPRAISAL PRINCIPLES - CH 8 EXAM QUESTIONS AND ANSWERS 100% PASS financial institution reform, recovery and enforcement act (FIRREA) - passed in 1989 as a comprehensive savings and loan bailout and preventive measure against future S&L insolvency. this law recognizes USPAP as the current industry standard for appraisals and identifies the Appraisal Foundation as the authority for professional appraisal standards. limiting conditions - statements by the appraiser explaining tthe framework used to reach an appraisal value. reconciliation - the appraisal process of analyzing the values delivered from the different appraisal approches to arrive at the final oppinion of value. redlining - refusal to make loans on property located in a particular neighborhood for discriminatory reasons. real estate settlement procedures(RESPA) - federal law dealing with real estate closings that set forth specific procedures and guidelines for disclosure of settlement costs. RESPA lets buyers compare cost of service, requires specific statements/disclosures, prevents kickbacks, and limits escrows lender can hold. 2100% Pass Guarantee Emily Charlene All Rights Reserved © 2025 steering - channeling prospective buyers or tenants to particular neighborhoods based on their race, religion, or ethic background. title VIll - another name for the Federal Fair Housing Act, which is Title VIII of the civil rights act of 1968. truth-in-lending act (TIL) - formed in 1969, federal aw requiring lenders to disclose consumer credit cost in order to permote informed use of credit. act implimented by regulation-z,does not set limmits, interest rates or fees but does regulate disclosure of these items. uniformed residential appraisal report (URAR) - a standard appraisal report form used by lenders and appraisers since it was developed and approved by secondary mortgage market players fannie mae (form 1004) and freddie mac (for