source:
  type: regulation
  id: occ-12cfr-34.42
  authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42 — Definitions
  description: '12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC), §34.42 Definitions. Captured section-complete
    (all subsections verbatim).

    '
obligations:
- id: occ-12cfr-34.42-a
  canonical_id: occ-12cfr-34.42-a
  section: 12 CFR §34.42(a)
  description: 'Definitions — (a): (a) Appraisal means a written statement independently and impartially prepared
    by a qualified appraiser setting forth an opinion as to the market value of an adequately described property
    as of a specific date(s), supported by the presentation and analysis of relevant market information.'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (a) Appraisal means a written statement independently and impartially prepared by a qualified
      appraiser setting forth an opinion as to the market value of an adequately described property as of a specific
      date(s), supported by the presentation and analysis of relevant market information.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (a) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-b
  canonical_id: occ-12cfr-34.42-b
  section: 12 CFR §34.42(b)
  description: 'Definitions — (b): (b) Appraisal Foundation means the Appraisal Foundation established on November
    30, 1987, as a not-for-profit corporation under the laws of Illinois.'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (b) Appraisal Foundation means the Appraisal Foundation established on November 30, 1987, as
      a not-for-profit corporation under the laws of Illinois.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (b) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-c
  canonical_id: occ-12cfr-34.42-c
  section: 12 CFR §34.42(c)
  description: 'Definitions — (c): (c) Appraisal Subcommittee means the Appraisal Subcommittee of the Federal Financial
    Institutions Examination Council.'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (c) Appraisal Subcommittee means the Appraisal Subcommittee of the Federal Financial Institutions
      Examination Council.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (c) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-d
  canonical_id: occ-12cfr-34.42-d
  section: 12 CFR §34.42(d)
  description: 'Definitions — (d): (d) Business loan means a loan or extension of credit to any corporation, general
    or limited partnership, business trust, joint venture, pool, syndicate, sole proprietorship, or other business
    entity.'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (d) Business loan means a loan or extension of credit to any corporation, general or limited
      partnership, business trust, joint venture, pool, syndicate, sole proprietorship, or other business entity.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (d) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-e
  canonical_id: occ-12cfr-34.42-e
  section: 12 CFR §34.42(e)
  description: 'Definitions — (e): (e) Commercial real estate transaction means a real estate-related financial
    transaction that is not secured by a single 1-to-4 family residential property.'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (e) Commercial real estate transaction means a real estate-related financial transaction that
      is not secured by a single 1-to-4 family residential property.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (e) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-f
  canonical_id: occ-12cfr-34.42-f
  section: 12 CFR §34.42(f)
  description: 'Definitions — (f): (f) Complex appraisal for a residential real estate transaction means one in
    which the property to be appraised, the form of ownership, or market conditions are atypical.'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (f) Complex appraisal for a residential real estate transaction means one in which the property
      to be appraised, the form of ownership, or market conditions are atypical.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (f) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-g
  canonical_id: occ-12cfr-34.42-g
  section: 12 CFR §34.42(g)
  description: 'Definitions — (g): (g) Federally related transaction means any real estate-related financial transaction
    entered into on or after August 9, 1990, that: (1) The OCC or any of its regulated institutions engages in or
    contracts for; and (2) Requires the services of an appraiser.'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(g) Federally related transaction means any real estate-related financial transaction entered
      into on or after August 9, 1990, that: (1) The OCC or any of its regulated institutions engages in or contracts
      for; and (2) Requires the services of an appraiser.'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (g) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-h
  canonical_id: occ-12cfr-34.42-h
  section: 12 CFR §34.42(h)
  description: 'Definitions — (h): (h) Market value means the most probable price which a property should bring
    in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting
    prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this defini…'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(h) Market value means the most probable price which a property should bring in a competitive
      and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently
      and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is
      the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions
      whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised,
      and acting in what they consider their own best interests; (3) A reasonable time is allowed for exposure in
      the open market; (4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
      comparable thereto; and (5) The price represents the normal consideration for the property sold unaffected
      by special or creative financing or sales concessions granted by anyone associated with the sale.'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (h) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-i
  canonical_id: occ-12cfr-34.42-i
  section: 12 CFR §34.42(i)
  description: 'Definitions — (i): (i) Real estate or real property means an identified parcel or tract of land,
    with improvements, and includes easements, rights of way, undivided or future interests, or similar rights in
    a tract of land, but does not include mineral rights, timber rights, growing crops, water rights, or similar
    int…'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (i) Real estate or real property means an identified parcel or tract of land, with improvements,
      and includes easements, rights of way, undivided or future interests, or similar rights in a tract of land,
      but does not include mineral rights, timber rights, growing crops, water rights, or similar interests severable
      from the land when the transaction does not involve the associated parcel or tract of land.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-j
  canonical_id: occ-12cfr-34.42-j
  section: 12 CFR §34.42(j)
  description: 'Definitions — (j): (j) Real estate-related financial transaction means any transaction involving:
    (1) The sale, lease, purchase, investment in or exchange of real property, including interests in property,
    or the financing thereof; or (2) The refinancing of real property or interests in real property; or (3) The
    use o…'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(j) Real estate-related financial transaction means any transaction involving: (1) The sale,
      lease, purchase, investment in or exchange of real property, including interests in property, or the financing
      thereof; or (2) The refinancing of real property or interests in real property; or (3) The use of real property
      or interests in property as security for a loan or investment, including mortgage-backed securities.'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (j) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-k
  canonical_id: occ-12cfr-34.42-k
  section: 12 CFR §34.42(k)
  description: 'Definitions — (k): (k) Residential real estate transaction means a real estate-related financial
    transaction that is secured by a single 1-to-4 family residential property.'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (k) Residential real estate transaction means a real estate-related financial transaction that
      is secured by a single 1-to-4 family residential property.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (k) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-l
  canonical_id: occ-12cfr-34.42-l
  section: 12 CFR §34.42(l)
  description: 'Definitions — (l): (l) State certified appraiser means any individual who has satisfied the requirements
    for certification in a State or territory whose criteria for certification as a real estate appraiser currently
    meet the minimum criteria for certification issued by the Appraiser Qualifications Board of the Apprai…'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (l) State certified appraiser means any individual who has satisfied the requirements for certification
      in a State or territory whose criteria for certification as a real estate appraiser currently meet the minimum
      criteria for certification issued by the Appraiser Qualifications Board of the Appraisal Foundation. No individual
      shall be a State certified appraiser unless such individual has achieved a passing grade upon a suitable examination
      administered by a State or territory that is consistent with and equivalent to the Uniform State Certification
      Examination issued or endorsed by the Appraiser Qualifications Board of the Appraisal Foundation. In addition,
      the Appraisal Subcommittee must not have issued a finding that the policies, practices, or procedures of the
      State or territory are inconsistent with title XI of FIRREA. The OCC may, from time to time, impose additional
      qualification criteria for certified appraisers performing appraisals in connection with federally related
      transactions within its jurisdiction.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (l) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-m
  canonical_id: occ-12cfr-34.42-m
  section: 12 CFR §34.42(m)
  description: 'Definitions — (m): (m) State licensed appraiser means any individual who has satisfied the requirements
    for licensing in a State or territory where the licensing procedures comply with title XI of FIRREA and where
    the Appraisal Subcommittee has not issued a finding that the policies, practices, or procedures of the St…'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (m) State licensed appraiser means any individual who has satisfied the requirements for licensing
      in a State or territory where the licensing procedures comply with title XI of FIRREA and where the Appraisal
      Subcommittee has not issued a finding that the policies, practices, or procedures of the State or territory
      are inconsistent with title XI. The OCC may, from time to time, impose additional qualification criteria for
      licensed appraisers performing appraisals in connection with federally related transactions within its jurisdiction.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (m) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-n
  canonical_id: occ-12cfr-34.42-n
  section: 12 CFR §34.42(n)
  description: 'Definitions — (n): (n) Tract development means a project of five units or more that is constructed
    or is to be constructed as a single development.'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (n) Tract development means a project of five units or more that is constructed or is to be
      constructed as a single development.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (n) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.42-o
  canonical_id: occ-12cfr-34.42-o
  section: 12 CFR §34.42(o)
  description: 'Definitions — (o): (o) Transaction value means: (1) For loans or other extensions of credit, the
    amount of the loan or extension of credit; (2) For sales, leases, purchases, and investments in or exchanges
    of real property, the market value of the real property interest involved; and (3) For the pooling of loans
    or in…'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.42
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(o) Transaction value means: (1) For loans or other extensions of credit, the amount of the
      loan or extension of credit; (2) For sales, leases, purchases, and investments in or exchanges of real property,
      the market value of the real property interest involved; and (3) For the pooling of loans or interests in
      real property for resale or purchase, the amount of the loan or market value of the real property calculated
      with respect to each such loan or interest in real property. [55 FR 34696, Aug. 24, 1990, as amended at 57
      FR 12202, Apr. 9, 1992; 59 FR 29499, June 7, 1994; 79 FR 28400, May 16, 2014; 83 FR 15035, Apr. 9, 2018; 84
      FR 53597, Oct. 8, 2019]'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.42 subsection (o) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
