Idaho Code 54-4104 – Definitions
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As used in this chapter:
(1) "Appraisal" or "real estate appraisal" means an opinion or conclusion of value of identified real estate.
Terms Used In Idaho Code 54-4104
- Appraisal: A determination of property value.
- Appraisal review: means the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment. See Idaho Code 54-4104
- appraiser: means a person who, for a fee or other valuable consideration or the expectation thereof, develops and communicates real estate appraisals or otherwise gives an opinion of the value of real estate or any interest therein. See Idaho Code 54-4104
- Board: means the real estate appraiser board. See Idaho Code 54-4104
- certificate: means that document issued by the real estate appraiser board certifying that the person named thereon has satisfied the requirements for licensure or certification as a state licensed or certified real estate appraiser and bearing a license or certificate number assigned by the board. See Idaho Code 54-4104
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- foundation: means the appraisal foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois. See Idaho Code 54-4104
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- person: includes a corporation as well as a natural person;
Idaho Code 73-114Property: includes both real and personal property. See Idaho Code 73-114 real estate: means and includes leaseholds as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold and whether situated in this state or elsewhere. See Idaho Code 54-4104 Real estate-related financial transaction: means any transaction involving:
Idaho Code 54-4104Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(2) "Appraisal assignment" means an engagement for which an appraiser is employed or retained to act, or would be perceived by third parties or the public as acting, as a disinterested third party in rendering an unbiased opinion or conclusion relating to the value of identified real estate.
(3) "Appraisal foundation" or "foundation" means the appraisal foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois.
(4) "Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment. The term does not include:
(a) A general examination of an appraisal for grammatical, typographical, mathematical or other similar administrative errors; and
(b) A general examination for completeness, including regulatory or client requirements as specified in the agreement process that do not involve the appraiser’s professional judgment, including compliance with the elements of the client’s statement of work.
(5) "Board" means the real estate appraiser board.
(6) "Broker’s price opinion" means a written price opinion of the estimated price for identified real property that is prepared by a real estate broker or associate broker licensed under chapter 20, title 54, Idaho Code, pursuant to the requirements and content provisions for the broker’s price opinions contained in this chapter.
(7) "Federally related transaction" means any real estate-related financial transaction that a federally regulated institution, regulatory agency, or the resolution trust corporation engages in, funds, contracts for, or regulates.
(8) "License" or "certificate" means that document issued by the real estate appraiser board certifying that the person named thereon has satisfied the requirements for licensure or certification as a state licensed or certified real estate appraiser and bearing a license or certificate number assigned by the board.
(9) "Noncomplex appraisal" is one in which the subject property has an active market of essentially identical properties, there is adequate market data available, adjustments do not exceed the typical range found in the market for essentially identical properties, and in the instance of residential property, the contract sales price would fall within the market norm for homes or lots within the same area.
(10) "Real estate appraiser" or "appraiser" means a person who, for a fee or other valuable consideration or the expectation thereof, develops and communicates real estate appraisals or otherwise gives an opinion of the value of real estate or any interest therein.
(11) "Real estate-related financial transaction" means any transaction involving:
(a) The sale, lease, purchase, investment in or exchange of real property, including interest in property or the financing thereof;
(b) The financing or refinancing of real property, or any interest in real property;
(c) The use of real property or an interest in real property as security for a loan or investment, including a mortgage-backed security.
(12) "Real property" or "real estate" means and includes leaseholds as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold and whether situated in this state or elsewhere.
(13) "State certified general real estate appraiser" means a person who is certified to appraise all types of real property.
(14) "State certified residential real estate appraiser" means a person who holds a current, valid certificate as a state certified residential appraiser issued under the provisions of this chapter whose practice is limited to appraisal of residential properties of four (4) or fewer units without regard to transaction value or complexity.
(15) "State licensed residential real estate appraiser" means a person who is licensed to appraise residential real property consisting of one (1) to four (4) noncomplex residential units having a transaction value less than one million dollars ($1,000,000) and complex one (1) to four (4) residential units having a transaction value less than two hundred fifty thousand dollars ($250,000).