An appraisal performed by a State certified or licensed appraiser is required for all real estate-related financial transactions except those in which the transaction involves the purchase, sale, investment in, exchange of, or extension of credit secured by, a loan or interest in a loan, pooled loans, or interests in real property, including mortgaged-backed securities, and each loan or interest in a loan, pooled loan, or real property interest met FDIC regulatory requirements for appraisals at the time of origination.

The text asserts Necessary and Sufficient Conditions (definitions) for the truth of:

An appraisal performed by a State certified or licensed appraiser is required. ▼