Idaho Admin. Code r. 24.18.01.010 - DEFINITIONS
01.
Accredited . Accredited by
the Commission on Colleges, a regional or national accreditation association,
or by an accrediting agency that is recognized by the U.S. Secretary of
Education. (3-28-23)
02.
Advisory Committee . A committee of state certified or licensed
real estate appraisers appointed by the board to provide technical assistance
relating to real estate appraisal standards and real estate appraiser
experience, education and examination requirements that are appropriate for
each classification of state certified or licensed real estate appraiser.
(3-28-23)
03.
Appraiser
Qualifications Board. Appraiser Qualifications Board of the Appraisal
Foundation establishes the qualifications criteria for licensing, certification
and recertification of appraisers. (3-28-23)
04.
Appraisal Standards Board .
The Appraisal Standards Board of the Appraisal Foundation develops, publishes,
interprets and amends the Uniform Standards of Professional Appraisal Practice
(USPAP) on behalf of appraisers and users of appraisal services.
(3-28-23)
05.
Classroom
Hour. Fifty (50) minutes out of each sixty (60) minute hour in a setting
which may include a classroom, conference/seminar, on-line or a virtual
classroom. (3-28-23)
06.
Field Real Estate Appraisal Experience . Personal inspections of
real property , assembly and analysis of relevant facts, and by the use of
reason and the exercise of judgment, formation of objective opinions as to the
market or other value of such properties or interests therein and preparation
of written appraisal reports or other memoranda showing data, reasoning, and
conclusion. Professional responsibility for the valuation function is
essential. (3-28-23)
07.
FIRREA . Title XI, Financial Institutions Reform, Recovery and
Enforcement Act of 1989, as amended, was designed to ensure that more reliable
appraisals are rendered in connection with federally related transactions.
(3-28-23)
08.
Real
Estate. In addition to the previous definition in Section
54-4104(12),
Idaho Code, will also mean an identified parcel or tract of land, including
improvements, if any. (3-28-23)
09.
Real Property . In addition to the previous definition in Section
54-4104(12),
Idaho Code, will also mean one or more defined interests, benefits, or rights
inherent in the ownership of real estate . (3-28-23)
10.
Residential Unit . Real
estate with a current highest and best use of a residential nature. A
residential unit includes a kitchen and a bathroom. (3-28-23)
11.
Uniform Standards of Professional
Appraisal Practice or USPAP. Those uniform standards adopted by the
Appraisal Foundation's Appraisal Standards Board . These standards may be
altered, amended, interpreted, supplemented, or repealed by the Appraisal
Standards Board (ASB) from time to time. (3-28-23)
12.
USPAP Course . For the
purposes of licensure and license renewal, any reference to the approved USPAP
course means the National USPAP Course provided by Appraisal Qualifications
Board Certified USPAP Instructors and Educational Providers.
(3-28-23)
13.
Appraisal
Management Company or AMC . Appraisal Management Company or AMC means a
natural person or organization that meets the definition in Section
54-4122, Idaho Code, and is
registered under the Idaho Appraisal Management Company Registration and
Regulation Act. (3-28-23)
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.