Section 722.4 - [Effective until 10/1/2025] Minimum appraisal standardsFor federally related transactions, all appraisals shall, at a minimum:
(a) Conform to generally accepted appraisal standards as evidenced by the Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by the Appraisal Standards Board of the Appraisal Foundation, 1029 Vermont Ave., NW., Washington, DC 20005;(b) Be written and contain sufficient information and analysis to support the institution's decision to engage in the transaction;(c) Be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.(d) Analyze and report appropriate deductions and discounts for proposed construction or renovation, partially leased buildings, non-market lease terms, and tract developments with unsold units;(e) Be based upon the definition of market value as set forth in § 722.2 ; and(f) Be performed by State licensed or certified appraisers in accordance with requirements set forth in this subpart.60 FR 51894, Oct. 4, 1995, as amended at 85 FR 23917, Apr. 30, 2020 As amended at 85 FR 23917, 4/30/2020