Legal & Regulatory

Lien

A creditor's legal claim against property as security for a debt — mortgages, property taxes, judgments, and contractor (mechanic's) liens. Liens must typically be satisfied at sale and establish priority among creditors.

Related Terms

Encumbrance

Any claim, lien, easement, or restriction that limits an owner's rights or affects title.

Mortgage

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

Title

The legal evidence of ownership rights in real property.

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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.