Final answer:
The answer to the question is c) FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act), a federal law that sets standards for real estate appraisals in federally related transactions.
Step-by-step explanation:
The correct answer to this question is c) FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act).
The FIRREA is a federal law that requires real estate appraisals used in federally related transactions to meet the standards set by the Appraisal Foundation.
The appraisals must be performed by a person who is licensed or certified by the state.
This law was enacted in response to the savings and loan crisis of the late 1980s and early 1990s, and it aims to promote transparency and fairness in the real estate appraisal process.