Under which law were all states mandated to create an appraiser licensing and certification program?

The correct answer is based on the provisions set forth in FIRREA, the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. This legislation was enacted in response to the savings and loan crisis of the 1980s and made a significant impact on the real estate appraisal industry. Specifically, FIRREA required all states to establish professional licensing and certification requirements for real estate appraisers.

This law aimed to ensure that appraisals for federally related transactions were performed by qualified individuals, thereby improving the reliability and quality of appraisal practices across the United States. It established a framework for appraiser oversight, including necessary education, experience, and the establishment of state appraisal boards to regulate appraisers within each state.

The other options relate to different aspects of real estate and finance but do not specifically mandate the creation of appraiser licensing and certification programs across states. HERA (the Housing and Economic Recovery Act) primarily dealt with housing and mortgage finance reforms. RESPA (the Real Estate Settlement Procedures Act) focuses on settlement service disclosures for consumers and does not address licensure. The Dodd-Frank Act includes reforms for financial institutions but does not specifically mandate state appraiser programs in the way FIRREA does.