43 USC 1478 - Appraisal and valuation services for real property

U.S Code last checked for updates: Feb 19, 2025

§ 1478.

Appraisal and valuation services for real property

(a)

License, certification requirement

(b)

Use of non-Federal covered appraisers

If the Secretary uses a non-Federal covered appraiser to perform appraisal or valuation services for real property for a transaction described in subsection (a), the Secretary—

(1)

shall, to the maximum extent practicable, use a non-Federal covered appraiser who is a certified general real property appraiser licensed in a State in which the real property that is the subject of the transaction is located; and

(2)

may only use a non-Federal covered appraiser who is a certified general real property appraiser licensed in a State other than one in which the real property that is the subject of the transaction is located if a non-Federal covered appraiser described in paragraph (1) is, as determined by the Secretary—

(A)

unavailable to complete an assignment within a reasonable period of time;

(B)

not assignment qualified; or

(C)

not cost competitive.

(c)

Report

Not later than 1 year after January 4, 2025, and annually thereafter for at least the following 4 years, the Secretary shall submit to Congress a report that includes the following:

(1)

A comparison using quantitative data of—

(A)

the number of requests for appraisal and valuation services received by the Department during the reporting period and the number of requests for such services received by the Department in each of the 5 years before the reporting period; and

(B)

the amount of time required for the Department to complete a request for appraisal or valuation services beforeJanuary 4, 2025 and after January 4, 2025.

(2)

A qualitative assessment of the impact of subsection (a) in providing flexibility to the Secretary when contracting with non-Federal covered appraisers.

(3)

Recommendations, if any, for congressional action that could help the Department operate more efficiently or overcome challenges with respect to timely completion of requests for appraisal or valuation services while ensuring the independence, impartiality, and objectivity of such services.

(4)

An overview of the workforce of the Department with regard to appraisal and valuation services provided by the Department, including hiring and staffing during the reporting period with respect to employees and contractors of the Department.

(5)

A complete list of cases in which the authority granted under this section was used during the reporting period, describing for each case the specific criteria used to satisfy the conditions of this section.

(d)

Statutory clarifications

(1)

Applicability of relevant laws and regulations

(2)

Jurisdiction requirement

(3)

Nonapplicability of certain relevant laws and regulations

(e)

Public availability

(f)

Definitions

In this section:

(1)

Covered appraiser

(2)

Department

(3)

Reporting period

(4)

Secretary

(5)

State

(Pub. L. 118–230, § 2, Jan. 4, 2025, 138 Stat. 2826.)

cite as: 43 USC 1478