### Question
How is the term written appraisal defined?


### Answer
The term **written appraisal** is defined in *12 U.S.C. § 3350* as the following:

> a written statement used in connection with a federally related transaction that is independently and impartially prepared by a licensed or certified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by presentation and analysis of relevant market information

#### Citation:
  - *12 U.S.C. § 3350*
  - Heading: **CHAPTER 34A-APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL**

