12 CFR § 1102.2 - Definitions.

---
identifier: "/us/cfr/t12/s1102.2"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 1102.2 - Definitions."
title_number: 12
title_name: "Banks and Banking"
section_number: "1102.2"
section_name: "Definitions."
chapter_name: "FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL"
part_number: "1102"
part_name: "APPRAISER REGULATION"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 3348(a), 3332, 3335, 3338 (a)(4)(B), 3348(c), 5 U.S.C. 552a, 553(e); Executive Order 12600, 52 FR 23781 (3 CFR, 1987 Comp., p. 235)."
cfr_part: "1102"
---


# 1102.2 Definitions.

For purposes of this subpart:

(a) *Federally related transaction (FRT)* means any real estate-related financial transaction which:

(1) A Federal financial institutions regulatory agency engages in, contracts for, or regulates; and

(2) Requires the services of an appraiser under the interagency appraisal rules. ((Title XI, section 1121(4), 12 U.S.C. 3350), implemented by the Office of the Comptroller of the Currency: 12 CFR 34.42(g) and 34.43(a); Federal Reserve Board: 12 CFR 225.62 and 225.63(a); Federal Deposit Insurance Corporation: 12 CFR 323.2(f) and 323.3(a); and National Credit Union Administration: 12 CFR 722.2(f) and 722.3(a).)

(b) *Performance of appraisals* means the appraisal service requested of an appraiser is provided to the lender or appraisal management company (AMC).

(c) *Petition* means information submitted to the ASC by the Federal or State financial institutions regulatory agencies, their respective regulated financial institutions, or other persons or institutions with a demonstrable interest in appraiser regulation, including a State Appraisal Agency, asking the ASC to exercise its discretionary authority to initiate a temporary waiver proceeding, and that meets the requirements, as determined by the ASC, set forth in § 1102.4.

(d) *Request for Temporary Waiver* means information submitted to the ASC by a State Appraisal Agency with a written determination requesting a temporary waiver that meets the requirements, as determined by the ASC, set forth in § 1102.3.

(e) *Scarcity of certified or licensed appraisers* means the number of active certified or licensed appraisers within a State or a specified geographical political subdivision is insufficient to meet the demand for appraisal services and such appraisers are difficult to retain.

(f) *Significant delays in the performance of appraisals* means delays that are substantially out of the ordinary when compared to performance of appraisals for similarly situated FRTs based on factors such as geographic location (*e.g.,* rural versus urban) and assignment type, and the delay is not the result of intervening circumstances outside the appraiser's control or brought about by the appraiser's client (*e.g.,* inability to access the subject property).

(g) *State Appraisal Agency* means the State appraiser certifying and licensing agency (Title XI, section 1121(1); *see also* 12 U.S.C. 3350(1)).

(h) *Temporary waiver* means a waiver of any or all credentialing requirements for persons eligible to perform appraisals for FRTs; if granted, a temporary waiver does not waive the requirement for a *Uniform Standards of Professional Appraisal Practice* (USPAP)-compliant appraisal.