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    Legal & Regulatory

    Balloon Payment

    A large lump-sum payment due at the end of a loan that does not fully amortize over its term — common in commercial financing, where loans amortize on long schedules but mature early.

    Related Terms

    Mortgage

    A loan secured by real property, giving the lender a lien and the right to foreclose on default.

    Compound Interest

    Interest earned on both principal and previously accumulated interest.

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    Uniform Standards of Professional Appraisal Practice (USPAP)

    USPAP

    The nationally recognized ethical and performance standards for the appraisal profession, established by The Appraisal Foundation.

    FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act)

    FIRREA

    The 1989 federal law that established the modern appraisal regulatory framework, requiring state licensing of appraisers and USPAP compliance for all federally related real estate transactions..

    Dodd-Frank Act (Appraisal Provisions)

    The 2010 federal financial reform law that included significant appraisal provisions: appraiser independence requirements, AMC registration, customary and reasonable fee mandates, and prohibition of BPOs for origination..

    Appraiser Independence

    The legal requirement that appraisers must be free from improper influence, coercion, or pressure from parties with a financial interest in the transaction outcome.

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