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    Legal & RegulatoryCO

    Certificate of Occupancy (CO)

    The municipal certification that a building complies with applicable codes and may be legally occupied. New construction, major renovations, and in many municipalities every resale or new tenancy require one.

    Related Terms

    Building Code

    The regulations governing construction standards — structural, electrical, plumbing, fire, and energy requirements.

    Zoning Compliance

    Whether a property's current use and improvements conform to the zoning ordinance: legal, legal nonconforming (grandfathered), illegal, or no zoning.

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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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