Bank Examination and Appraisal Improvement Act of 1992

Bank Examination and Appraisal Improvement Act of 1992 - Directs the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (the agencies) to study commercial bank examination standards and procedures. Directs the agencies to: (1) provide commercial banks, as part of the study, with an opportunity to share their experiences, with particular emphasis on differences in the application of examination standards by the different agencies; and (2) jointly submit annual implementation reports to the Congress.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to authorize the Appraisal Subcommittee to permit a financial institution to use any real property appraisal made by a State or local government for purposes of tax assessments if the Subcommittee determines that there is a scarcity of licensed or certified appraisers to make appraisals in connection with federally related transactions involving such institution.

Directs the Subcommittee to report to the Congress: (1) the extent to which it has authorized the use of tax appraisals in lieu of appraisals made by certified or licensed appraisers; and (2) the advantages and disadvantages of using tax appraisals as a substitute for appraisals made by such appraisers.