Certified Valuation Analyst (CVA) Practice Exam 2025 – Your All-in-One Guide to Exam Success!

Statutory law refers to laws that are created and enacted by elected legislative bodies. This type of law is formulated through a formal legislative process where proposed laws, known as bills, undergo debate and revision before being voted on by legislators. Once a bill is approved by the legislature and signed into law by the executive, it becomes a statute.

Understanding the context of statutory law is crucial as it establishes rules and regulations that govern various aspects of society, ranging from criminal matters to business operations. This contrasts with common law, which is developed through court decisions and judicial precedents, and administrative law, which governs the activities of administrative agencies of government. Constitutional law pertains to the interpretation and application of a country's constitution, setting the framework for how laws are enacted and enforced. Statutory law is, therefore, the embodiment of "people-made" laws that reflect the will of the electorate as expressed through their legislature.