U.S. Code » Title 12 » Chapter CHAPTER 34A— APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

12 U.S.C. § 3339

Functions of Federal financial institutions regulatory agencies relating to appraisal standards

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Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe appropriate standards for the performance of real estate appraisals in connection with federally related transactions under the jurisdiction of each such agency or instrumentality. These rules shall require, at a minimum—(1) that real estate appraisals be performed in accordance with generally accepted appraisal standards as evidenced by the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation;(2) that such appraisals shall be written appraisals; and(3) that such appraisals shall be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.Each such agency or instrumentality may require compliance with additional standards if it makes a determination in writing that such additional standards are required in order to properly carry out its statutory responsibilities.(Pub. L. 101–73, title XI, § 1110, Aug. 9, 1989, 103 Stat. 514; Pub. L. 111–203, title XIV, § 1473(e)(1), July 21, 2010, 124 Stat. 2191.)Editorial NotesAmendments

2010—Pub. L. 111–203 added par. (3).

Statutory Notes and Related SubsidiariesEffective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.

Notes of Decisions
Cited in 9 cases (1 in the last 5 years), 1994–2025 · leading case: People v. First Am. Corp., 960 N.E.2d 927 (NY 2011).
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People v. First Am. Corp., 960 N.E.2d 927 (NY 2011). · cites it 4× “To effectuate this stated goal, Congress enacted 12 USC § 3339 as part of FIRREA, which mandates that the OTS "prescribe appropriate standards for the performance of real estate appraisals.”
Fed. Hous. Fin. Agency v. Nomura Holding Am., Inc., 104 F. Supp. 3d 441 (S.D.N.Y. 2015). “” 12 U.S.C. § 3339 (3). Even during the relevant time period, USPAP constituted the generally accepted professional appraisal industry standards.”
Bolden v. KB HOME, 618 F. Supp. 2d 1196 (C.D. Cal. 2008). “” 12 U.S.C. § 3339 ; see also 12 C.F.R. § 34.”
City & Cnty. of Denver v. Bd. of Assessment Appeals, 947 P.2d 1373 (Colo. 1997). “12 U.S.C. § 3339 . These standards are published annually by the ASB as the Uniform Standards of Professional Appraisal Practice (USPAP).”
People ex rel. Cuomo v. First Am. Corp., 24 Misc. 3d 672 (N.Y. Sup. Ct. 2009). “1; 12 USC § 3339 ). Moreover, FIRREA sets forth requirements for using state certified and licensed appraisers in federally related transactions, 3 and permits the establishment of state agencies devoted to certifying and licensing appraisers ( 12 USC §§ 3331 , 3336; 12 CFR 34.”
In Re Appraiser Found. Antitrust Litig., 867 F. Supp. 1407 (D. Minnesota 1994). “12 U.S.C. §§ 3339 (uniform standards) and 3345 (qualifications).”
Nat'l Ass'n of Review Appraisers & Mortg. Underwriters, Inc. v. Appraisal Found., 64 F.3d 1130 (8th Cir. 1995). “See 12 U.S.C. §§ 3339 , 3345. In 1991, the Foundation amended its bylaws to create three different types of sponsorship to the Foundation effective January 1, 1992 — appraisal, affiliate, and corporate.”
People v. First Am. Corp., 76 A.D.2d 68 (N.Y. App. Div. 2010). · cites it 2× “” The uniform standards described in 12 USC § 3331 are defined in 12 USC § 3339 which requires that the OTS, as a “Federal financial institutions regulatory agency[,] .”
Michael C. Culver (Bankr. S.D.N.Y. 2025). “’”) (citing 12 U.S.C. § 3339 (3)). Further, “[w]here an expert is bound by, or purports to be bound by, established standards for arriving at conclusions in a particular field, courts have looked to the extent of the expert’s compliance with such standards in assessing the…”
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