In the context of the Jurisdictional Exception Rule, which of the following is included in the term "law"?

The Jurisdictional Exception Rule allows appraisers to deviate from certain standards set forth by the Uniform Standards of Professional Appraisal Practice (USPAP) if they are required to do so by law or regulation in their jurisdiction. In this context, the term "law" encompasses a broad range of legal frameworks that govern real estate and appraisal practices.

The correct answer includes constitutions, legislative and court-made law, and administrative rules and ordinances because these are fundamental components of the legal system that articulate the specific requirements and regulations applicable to appraisals. Constitutions provide the foundational legal framework within which statutes and regulations are established, while legislative laws are created by governing bodies and administrative rules and ordinances provide operational guidelines. Together, they represent the overarching legal guidelines that directly influence the appraisal process.

Other options, while they may pertain to real estate practices or regulations, do not capture the extensive and formal aspect of "law" as defined in the Jurisdictional Exception Rule. Banking regulations and local community guidelines, for instance, might influence certain aspects of property appraisal, but they do not encompass the full scope of legal standards that directly constitute the laws referenced in this context. Real estate market trends, on the other hand, are not legal standards or regulations