Final answer:
REIX is a mandatory self-insurance program for real estate appraisers that provides professional liability insurance to protect against potential liability claims.
Step-by-step explanation:
REIX is a mandatory self-insurance program for the profession of real estate appraisers. REIX stands for Real Estate Insurance Exchange and it provides professional liability insurance to its subscribers, who are real estate appraisers. This program is designed to safeguard appraisers against potential liability claims that may arise from their professional activities. Subscribers to the program receive coverage for legal defence costs and may also be provided with indemnity for settlements or judgments resulting from covered claims.