Under FIRREA, Not Every Appraisal for a Federally Related Transaction

question 5

True/False

Under FIRREA, not every appraisal for a federally related transaction must comply with USPAP.

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Definitions:

Bank

A financial institution licensed to receive deposits and make loans, and may offer various other financial services, such as wealth management, currency exchange, and safe deposit boxes.

Denial

The refusal to admit the truth or reality of something, often as a defense mechanism.

Perfection

The series of legal steps a secured party takes to protect its right in collateral from other creditors that want to have their debts returned through the same collateral.

Possession

The act of having or holding property in one's control; this can range from ownership of land to possession of items or goods.