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The California Real Estate Act has two core components: licensing and enforcement. [ 1 ] [ 2 ] Both licensing and enforcement functions are required by the Appraisal Subcommittee (ASC), the federal government organization which oversees all state real estate appraiser licensing agencies.
Due to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 licensed and certified real estate appraisers in the United States who are involved in a federally related transaction are required to follow federally accepted, uniform standards, known as USPAP, which are promulgated by the Appraisal Standards Board of the Appraisal Foundation. [2]
At its organizational meeting held on January 30, 1989, the Appraisal Standard Board unanimously approved and adopted the original USPAP as the initial appraisal standards promulgated by ASB. USPAP may be amended, Interpreted, or retired by ASB after exposure to the users of appraisal services and the public in accordance with established rules ...
The Anti-Drug Abuse Act of 1988 expanded the definition of financial institution to include businesses such as car dealers and real estate closing personnel and required them to file reports on large currency transactions. It required verification of identity of those who purchase monetary instruments over $3,000.
A real estate license must be obtained from the DRE in order to engage in the real estate business and to act in the capacity of a real estate broker or salesperson within the State of California. Before applying for a license, all education and experience requirements mandated by the Department must be fulfilled. [ 5 ]
Finland handed the defending champion United States its first loss at the 2025 world junior hockey championship as Tuomas Uronen scored in overtime for a 4-3 win on Sunday afternoon.
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The Appraisal Foundation is a non-profit organization established in 1987 by the largest valuation organizations in North America. The foundation was congressionally authorized to develop standards and qualifications for real estate appraisers under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.