Laws and regulations applying to appraisals for federally-regulated transactions are considered what?

In the context of appraisals for federally-regulated transactions, laws and regulations are referred to as jurisdictional exceptions. Jurisdictional exceptions arise when specific federal standards or laws impose requirements that appraisers must follow, overriding other appraisal standards or practices that would normally apply in the process. These exceptions are crucial because they define the framework within which appraisers operate and ensure compliance with applicable laws concerning appraisals in various federally-related transactions.

Understanding the nature of jurisdictional exceptions is vital for appraisers to navigate legal requirements effectively while performing their duties. This knowledge helps ensure that appraisals meet federal standards and serve their intended purpose in transactions involving federally regulated entities. In this context, other terms such as hypothetical conditions, limiting conditions, and assignment conditions do not accurately describe the mandatory legal framework dictated by federal regulations.