source:
  type: regulation
  id: occ-12cfr-34.43
  authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.43 — Appraisals required; transactions
    requiring a State certified or licensed appraiser
  description: '12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC), §34.43 Appraisals required; transactions
    requiring a State certified or licensed appraiser. Captured section-complete (all subsections verbatim).

    '
obligations:
- id: occ-12cfr-34.43-a
  canonical_id: occ-12cfr-34.43-a
  section: 12 CFR §34.43(a)
  description: 'Appraisals required; transactions requiring a State certified or licensed appraiser — (a): (a) Appraisals
    required. An appraisal performed by a State certified or licensed appraiser is required for all real estate-related
    financial transactions except those in which: (1) The transaction is a residential real estate transaction that
    has a transaction value of $400,000 or less; (2) A lien o…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.43
    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) Appraisals required. An appraisal performed by a State certified or licensed appraiser
      is required for all real estate-related financial transactions except those in which: (1) The transaction
      is a residential real estate transaction that has a transaction value of $400,000 or less; (2) A lien on real
      estate has been taken as collateral in an abundance of caution; (3) The transaction is not secured by real
      estate; (4) A lien on real estate has been taken for purposes other than the real estate''s value; (5) The
      transaction is a business loan that:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.43 subsection (a) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.43-i
  canonical_id: occ-12cfr-34.43-i
  section: 12 CFR §34.43(i)
  description: 'Appraisals required; transactions requiring a State certified or licensed appraiser — (i): (i) Has
    a transaction value of $1 million or less; and (ii) Is not dependent on the sale of, or rental income derived
    from, real estate as the primary source of repayment; (6) A lease of real estate is entered into, unless the
    lease is the economic equivalent of a purchase or sale of the leased real…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.43
    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) Has a transaction value of $1 million or less; and (ii) Is not dependent on the sale of,
      or rental income derived from, real estate as the primary source of repayment; (6) A lease of real estate
      is entered into, unless the lease is the economic equivalent of a purchase or sale of the leased real estate;
      (7) The transaction involves an existing extension of credit at the lending institution, provided that:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.43 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.43-i
  canonical_id: occ-12cfr-34.43-i
  section: 12 CFR §34.43(i)
  description: 'Appraisals required; transactions requiring a State certified or licensed appraiser — (i): (i) There
    has been no obvious and material change in market conditions or physical aspects of the property that threatens
    the adequacy of the institution''s real estate collateral protection after the transaction, even with the advancement
    of new monies; or (ii) There is no advancement of new monies,…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.43
    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) There has been no obvious and material change in market conditions or physical aspects
      of the property that threatens the adequacy of the institution''s real estate collateral protection after
      the transaction, even with the advancement of new monies; or (ii) There is no advancement of new monies, other
      than funds necessary to cover reasonable closing costs; (8) The transaction involves the purchase, sale, investment
      in, exchange of, or extension of credit secured by, a loan or interest in a loan, pooled loans, or interests
      in real property, including mortgaged-backed securities, and each loan or interest in a loan, pooled loan,
      or real property interest met OCC regulatory requirements for appraisals at the time of origination; (9) The
      transaction is wholly or partially insured or guaranteed by a United States government agency or United States
      government sponsored agency; (10) The transaction either:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.43 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.43-i
  canonical_id: occ-12cfr-34.43-i
  section: 12 CFR §34.43(i)
  description: 'Appraisals required; transactions requiring a State certified or licensed appraiser — (i): (i) Qualifies
    for sale to a United States government agency or United States government sponsored agency; or (ii) Involves
    a residential real estate transaction in which the appraisal conforms to the Federal National Mortgage Association
    or Federal Home Loan Mortgage Corporation appraisal standards …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.43
    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) Qualifies for sale to a United States government agency or United States government sponsored
      agency; or (ii) Involves a residential real estate transaction in which the appraisal conforms to the Federal
      National Mortgage Association or Federal Home Loan Mortgage Corporation appraisal standards applicable to
      that category of real estate; (11) The regulated institution is acting in a fiduciary capacity and is not
      required to obtain an appraisal under other law; (12) The OCC determines that the services of an appraiser
      are not necessary in order to protect Federal financial and public policy interests in real estate-related
      financial transactions or to protect the safety and soundness of the institution; (13) The transaction is
      a commercial real estate transaction that has a transaction value of $500,000 or less; or (14) The transaction
      is exempted from the appraisal requirement pursuant to the rural residential exemption under 12 U.S.C. 3356.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.43 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.43-b
  canonical_id: occ-12cfr-34.43-b
  section: 12 CFR §34.43(b)
  description: 'Appraisals required; transactions requiring a State certified or licensed appraiser — (b): (b) Evaluations
    required. For a transaction that does not require the services of a State certified or licensed appraiser under
    paragraphs (a)(1), (5), (7), (13), or (14) of this section, the institution shall obtain an appropriate evaluation
    of real property collateral that is consistent with safe …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.43
    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) Evaluations required. For a transaction that does not require the services of a State certified
      or licensed appraiser under paragraphs (a)(1), (5), (7), (13), or (14) of this section, the institution shall
      obtain an appropriate evaluation of real property collateral that is consistent with safe and sound banking
      practices.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.43 subsection (b) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.43-c
  canonical_id: occ-12cfr-34.43-c
  section: 12 CFR §34.43(c)
  description: 'Appraisals required; transactions requiring a State certified or licensed appraiser — (c): (c) Appraisals
    to address safety and soundness concerns. The OCC reserves the right to require an appraisal under this subpart
    whenever the agency believes it is necessary to address safety and soundness concerns.'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.43
    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) Appraisals to address safety and soundness concerns. The OCC reserves the right to require
      an appraisal under this subpart whenever the agency believes it is necessary to address safety and soundness
      concerns.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.43 subsection (c) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.43-d
  canonical_id: occ-12cfr-34.43-d
  section: 12 CFR §34.43(d)
  description: 'Appraisals required; transactions requiring a State certified or licensed appraiser — (d): (d) Transactions
    requiring a State certified appraiser &#x2014;(1) All transactions of $1,000,000 or more. All federally related
    transactions having a transaction value of $1,000,000 or more shall require an appraisal prepared by a State
    certified appraiser. (2) Commercial real estate transactions o…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.43
    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) Transactions requiring a State certified appraiser &#x2014;(1) All transactions of $1,000,000
      or more. All federally related transactions having a transaction value of $1,000,000 or more shall require
      an appraisal prepared by a State certified appraiser. (2) Commercial real estate transactions of more than
      $500,000. All federally related transactions that are commercial real estate transactions having a transaction
      value of more than $500,000 shall require an appraisal prepared by a State certified appraiser. (3) Complex
      appraisals for residential real estate transactions of more than $400,000. All complex appraisals for residential
      real estate transactions rendered in connection with federally related transactions shall require a State
      certified appraiser if the transaction value is more than $400,000. A regulated institution may presume that
      appraisals for residential real estate transactions are not complex, unless the institution has readily available
      information that a given appraisal will be complex. The regulated institution shall be responsible for making
      the final determination of whether the appraisal is complex. If during the course of the appraisal a licensed
      appraiser identifies factors that would result in the property, form of ownership, or market conditions being
      considered atypical, then either:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.43 subsection (d) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.43-i
  canonical_id: occ-12cfr-34.43-i
  section: 12 CFR §34.43(i)
  description: 'Appraisals required; transactions requiring a State certified or licensed appraiser — (i): (i) The
    regulated institution may ask the licensed appraiser to complete the appraisal and have a certified appraiser
    approve and co-sign the appraisal; or (ii) The institution may engage a certified appraiser to complete the
    appraisal.'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.43
    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) The regulated institution may ask the licensed appraiser to complete the appraisal and
      have a certified appraiser approve and co-sign the appraisal; or (ii) The institution may engage a certified
      appraiser to complete the appraisal.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.43 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.43-e
  canonical_id: occ-12cfr-34.43-e
  section: 12 CFR §34.43(e)
  description: 'Appraisals required; transactions requiring a State certified or licensed appraiser — (e): (e) Transactions
    requiring either a State certified or licensed appraiser. All appraisals for federally related transactions
    not requiring the services of a State certified appraiser shall be prepared by either a State certified appraiser
    or a State licensed appraiser. [55 FR 34696, Aug. 24, 1990, a…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.43
    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) Transactions requiring either a State certified or licensed appraiser. All appraisals for
      federally related transactions not requiring the services of a State certified appraiser shall be prepared
      by either a State certified appraiser or a State licensed appraiser. [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; 84 FR 53597, Oct. 8, 2019]
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.43 subsection (e) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
