A Primer on Regulations and the Practice of Residential Property Appraisal

This paper presents a chronology, beginning in the early 1900s, of the regulatory environment faced by residential real estate appraisers in the United States. The presentation informs the reader about two financial crises, the savings and loan crisis and the Subprime mortgage crisis. The conditions...

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Bibliographic Details
Published in:Journal of real estate practice and education 2024-12, Vol.26 (1)
Main Authors: K'Akumu, Owiti A., Larsen, James E.
Format: Article
Language:English
Subjects:
Appraisers
Current Events
Disproportionate Representation
Dodd-Frank
FIRREA
Mortgages
Real estate appraisal
Regulation
savings and loan crisis
Savings bank failures
Subprime mortgage crisis
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Summary:This paper presents a chronology, beginning in the early 1900s, of the regulatory environment faced by residential real estate appraisers in the United States. The presentation informs the reader about two financial crises, the savings and loan crisis and the Subprime mortgage crisis. The conditions that led to each crisis, the response of Congress to address each crisis, and the effect of both on residential real estate appraisers are included in the presentation. Prior to these crises, appraisers were basically self-regulated, but today because of concern that inflated appraisals were a contributing cause of the crises they are subject to rules and regulations imposed by both federal, and state authorities. The regulatory measures instituted to address the savings and loan crisis failed to prevent the subsequent Subprime mortgage crisis, and measures instituted to end the Subprime mortgage crisis had unintended negative effects. This begs the question, will the regulations in place now prevent the occurrence of a future crisis.
ISSN:1521-4842
1930-8914
DOI:10.1080/15214842.2024.2377869