Streamlining of Regulations for Real Estate and Chattel Appraisals

This action eliminates unnecessary and burdensome administrative provisions and procedures from the Agency's regulations governing real estate and chattel appraisals used in conjunction with the Farm Loan Programs, and clarifies the requirement that Agency real estate appraisals must comply with the guidelines and standards contained in the Uniform Standards of Professional Appraisal Practice. The changes to the regulations will allow for the use of appraisal forms and reports based on industry formats rather than requiring the use of specific Agency formats. This action will also move the core appraisal regulations as part of the Agency's overall effort to consolidate its regulations.