Which standards must appraisals comply with according to Title XI of FIRREA?

Appraisals conducted under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). This requirement ensures that appraisals are performed with a consistent level of professionalism and integrity, which is essential for maintaining the credibility of real estate transactions.

USPAP provides a framework of standards for appraisers, outlining ethical and performance obligations. This includes guidelines on how to conduct appraisals transparently and competently, ensuring fair and accurate assessments of property values. Compliance with USPAP is critical because it promotes trust in the appraisal process, which is particularly important in a regulated financial environment like that governed by FIRREA.

Other standards mentioned, such as International Valuation Standards, Generally Accepted Accounting Principles, and the Real Estate Settlement Procedures Act, serve different purposes and are not specifically mandated for appraisals under FIRREA. They may relate to various aspects of real estate and finance but do not specifically address the standardized methodology and ethical guidelines for property appraisals required by Title XI.