Which act, passed by Congress in the '80s, addresses appraisals in Title XI?

• A. Dodd-Frank Wall Street Reform
• B. FIRREA
• C. Sarbanes-Oxley Act
• D. Glass-Steagall Act

Answer: (B)

FIRREA addresses appraisals in Title XI. Enacted in 1989, it creates a federal framework for real estate appraisals by establishing the Appraisal Subcommittee to oversee state appraisal boards and by mandating that appraisers be properly licensed or certified. It also adopts USPAP (the Uniform Standards of Professional Appraisal Practice) as the minimum standard for appraisals. This combination—federal oversight of state boards, credentialing requirements, and the USPAP standard—constitutes the Title XI appraisal framework.

The other acts listed don’t establish this Title XI framework. Dodd-Frank came later, in 2010, with broad financial reforms and some appraisal-related provisions, but not the Title XI structure. Sarbanes-Oxley and Glass-Steagall address corporate governance and banking activity in much earlier or different contexts.