Federal Mortgage LawsQuestion 66 of 400
The Home Valuation Code of Conduct (HVCC) was largely superseded by which framework establishing appraisal independence?
a.The appraisal independence provisions of the Dodd-Frank Act codified in TILA
b.The Bank Secrecy Act
c.The Real Estate Settlement Procedures Act
d.The Fair Credit Reporting Act
Explanation
The HVCC was an interim agreement that was largely replaced when the Dodd-Frank Act added appraisal independence requirements to TILA, implemented in Reg Z. These provisions prohibit coercion and require customary and reasonable compensation for fee appraisers. RESPA, the BSA, and FCRA address different subject matter.
Law Reference: Appraisal Independence Requirements (TILA / Reg Z 1026.42)Practice all 400 questions free — no signup required.
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