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    Legal & Regulatory

    Special Assessment

    A charge against specific properties to fund an improvement that benefits them — sewers, sidewalks, road paving. Special assessments are liens until paid and are reported on lender appraisal forms alongside taxes.

    Related Terms

    Ad Valorem Tax

    "According to value" — property tax levied as a rate applied to assessed value.

    Lien

    A creditor's legal claim against property as security for a debt — mortgages, property taxes, judgments, and contractor (mechanic's) liens.

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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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