Real Estate Appraisal Reform Act of 1988

[AI summary unavailable — showing source text] Real Estate Appraisal Reform Act of 1987 - Title I: Federal Interagency Appraisal Council - Establishes the Federal Interagency Appraisal Council. Transfers to the Council the authority of the following Federal agencies and instrumentalities with respect to appraisal standards and appraiser qualification functions: (1) Federal bank regulatory agencies; (2) the Veterans Administration and the Federal Housing Administrator; (3) the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; (4) the Securities and Exchange Commission; (5) the Federal Financial Institutions Examination Council; (6) the General Services Administration; and (7) the Farmers Home Administration. Requires the Council to: (1) issue rules describing categories of real estate-related financial transactions which constitute federally covered transactions under this Act; (2) prescribe uniform standards for the performance of such real estate appraisals; (3) establish requirements for the certification of persons who are qualified to perform appraisals; (4) directly grant certification to and supervise the activities of such persons in States which do not have an approved State appraiser…