Equal Credit Opportunity Act (ECOA): Federal law that prohibits discrimination in lending practices, including appraisal-based decisions, on the basis of race, color, religion, national origin, sex, marital status, age, or participation in public assistance programs
Fair Housing Act: Federal legislation that protects against discrimination in housing-related transactions, including appraisals, based on protected characteristics such as race, color, religion, sex, disability, familial status, or national origin
Truth in Lending Act (TILA): Federal law requiring lenders to provide standardized information about credit and loan terms, including those related to appraisal requirements and conditions
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA): Federal law that established guidelines for real estate appraisals in federally-related transactions and set standards for appraiser qualifications
Dodd-Frank Wall Street Reform and Consumer Protection Act: Federal legislation that includes provisions for appraisal independence requirements and establishes additional oversight of the appraisal industry
State Property Laws: State-specific laws governing real estate transactions, property rights, and transfer of real property that may affect appraisal contingency terms
State Real Estate Transaction Requirements: State-specific requirements for real estate transactions, including mandatory disclosures and specific contract provisions related to appraisals
State Contract Laws: State-specific laws governing contract formation, enforcement, and interpretation that affect how appraisal contingency addenda are structured and enforced
State Appraiser Licensing Requirements: State-specific requirements for appraiser qualifications, licensing, and certification that must be considered in appraisal contingency provisions
Uniform Standards of Professional Appraisal Practice (USPAP): Professional standards and ethical rules for appraisers that govern how appraisals must be conducted and reported
Federal Housing Administration (FHA) Guidelines: Specific requirements for appraisals on FHA-insured loans that may need to be referenced in appraisal contingency addenda
VA Guidelines: Department of Veterans Affairs requirements for appraisals on VA-guaranteed loans that may need to be addressed in appraisal contingency provisions
Fannie Mae/Freddie Mac Requirements: Guidelines and requirements for appraisals on conventional loans that will be sold to these government-sponsored enterprises
Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, including requirements related to appraisal fees and services
Statute of Frauds: Legal doctrine requiring certain contracts, including real estate contracts and their addenda, to be in writing and signed by the parties to be enforceable
