Legal & Regulatory

Plat

A recorded map of a subdivision showing lots, blocks, streets, and easements. Properties in platted subdivisions are legally described by lot and block reference to the recorded plat.

Related Terms

Subdivision

The division of a parcel into multiple lots, or the resulting development.

Survey

A licensed surveyor's measurement and mapping of a property's boundaries, improvements, and encroachments.

Lot

A defined parcel of land, typically described by reference to a recorded plat or tax map.

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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.