Maine Revised Statutes Title 32 Sec. 14002 – Definitions
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As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1999, c. 185, §5 (NEW).]
1. Appraisal. “Appraisal” means an analysis, opinion or conclusion prepared by a real estate appraiser related to the nature, quality, value or utility of specified interests in, or aspects of, identified real property.
[PL 1999, c. 185, §5 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 14002
- Appraisal: A determination of property value.
- Appraisal: means an analysis, opinion or conclusion prepared by a real estate appraiser related to the nature, quality, value or utility of specified interests in, or aspects of, identified real property. See Maine Revised Statutes Title 32 Sec. 14002
- Appraisal foundation: means the appraisal foundation incorporated as an Illinois nonprofit corporation on November 30, 1987 and recognized under the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989 as the organization that establishes the Uniform Standards of Professional Appraisal Practice. See Maine Revised Statutes Title 32 Sec. 14002
- Appraisal report: means any written or oral communication of an appraisal. See Maine Revised Statutes Title 32 Sec. 14002
- Appraiser qualifications board: means an independent board of the appraisal foundation authorized to establish the minimum education, experience and examination criteria for licensed real estate appraisers. See Maine Revised Statutes Title 32 Sec. 14002
- Board: means the Board of Real Estate Appraisers. See Maine Revised Statutes Title 32 Sec. 14002
- Commissioner: means the Commissioner of Professional and Financial Regulation. See Maine Revised Statutes Title 32 Sec. 14002
- Complex residential property: means a residential property of one to 4 units exhibiting characteristics, determined by the board, that are not typical of the property type or marketplace, including, but not limited to:
A. See Maine Revised Statutes Title 32 Sec. 14002Corporation: 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. Department: means the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 32 Sec. 14002 Federally related transaction: means any financial transaction related to real estate that:
A. See Maine Revised Statutes Title 32 Sec. 14002Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. 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 Noncomplex residential property: means property that is not defined as complex residential property in subsection 7. See Maine Revised Statutes Title 32 Sec. 14002 Real estate: means an identified parcel of land, including improvements, if any. See Maine Revised Statutes Title 32 Sec. 14002 Real estate appraisal activity: means the act or process of making an appraisal of real property and communicating a report. See Maine Revised Statutes Title 32 Sec. 14002 Real estate appraiser: includes review appraisers and appraisal administrators. See Maine Revised Statutes Title 32 Sec. 14002 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Real property: means one or more defined interests, benefits or rights inherent in the ownership of real estate. See Maine Revised Statutes Title 32 Sec. 14002 Uniform Standards of Professional Appraisal Practice: means those standards adopted by the appraisal standards board of the appraisal foundation. See Maine Revised Statutes Title 32 Sec. 14002
2. Appraisal foundation. “Appraisal foundation” means the appraisal foundation incorporated as an Illinois nonprofit corporation on November 30, 1987 and recognized under the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989 as the organization that establishes the Uniform Standards of Professional Appraisal Practice.
[PL 1999, c. 185, §5 (NEW).]
3. Appraiser qualifications board. “Appraiser qualifications board” means an independent board of the appraisal foundation authorized to establish the minimum education, experience and examination criteria for licensed real estate appraisers.
[PL 1999, c. 185, §5 (NEW).]
4. Appraisal report. “Appraisal report” means any written or oral communication of an appraisal.
[PL 1999, c. 185, §5 (NEW).]
5. Board. “Board” means the Board of Real Estate Appraisers.
[PL 1999, c. 185, §5 (NEW).]
6. Commissioner. “Commissioner” means the Commissioner of Professional and Financial Regulation.
[PL 1999, c. 185, §5 (NEW).]
7. Complex residential property. “Complex residential property” means a residential property of one to 4 units exhibiting characteristics, determined by the board, that are not typical of the property type or marketplace, including, but not limited to:
A. Unusual forms of ownership, such as partial interests; [PL 1999, c. 185, §5 (NEW).]
B. Property interests other than fee simple, such as those encumbered by easements, life estates or elaborate lease terms; [PL 1999, c. 185, §5 (NEW).]
C. Unstable market conditions; [PL 1999, c. 185, §5 (NEW).]
D. Changing patterns of land use when issues of compatibility, zoning and highest and best use are significant factors; [PL 1999, c. 185, §5 (NEW).]
E. Environmentally contaminated properties; and [PL 1999, c. 185, §5 (NEW).]
F. Physical characteristics, such as lot size, topography and building type, that are unusual. [PL 1999, c. 185, §5 (NEW).]
[PL 1999, c. 185, §5 (NEW).]
8. Department. “Department” means the Department of Professional and Financial Regulation.
[PL 1999, c. 185, §5 (NEW).]
9. Federally related transaction. “Federally related transaction” means any financial transaction related to real estate that:
A. A federal financial institution’s regulatory agency or the Resolution Trust Corporation or its successor agency engages in, contracts for or regulates; and [PL 2009, c. 112, Pt. A, §20 (NEW).]
B. Requires the services of a real estate appraiser. [PL 2009, c. 112, Pt. A, §20 (NEW).]
[PL 2009, c. 112, Pt. A, §20 (RPR).]
10. Noncomplex residential property. “Noncomplex residential property” means property that is not defined as complex residential property in subsection 7.
[PL 1999, c. 185, §5 (NEW).]
11. Real estate. “Real estate” means an identified parcel of land, including improvements, if any.
[PL 1999, c. 185, §5 (NEW).]
12. Real estate appraisal activity. “Real estate appraisal activity” means the act or process of making an appraisal of real property and communicating a report.
[PL 1999, c. 185, §5 (NEW).]
13. Real estate appraiser. “Real estate appraiser” means a person who engages in real estate appraisal activity for a fee or other valuable consideration. “Real estate appraiser” includes review appraisers and appraisal administrators.
[PL 1999, c. 185, §5 (NEW).]
14. Real property. “Real property” means one or more defined interests, benefits or rights inherent in the ownership of real estate.
[PL 1999, c. 185, §5 (NEW).]
15. Uniform Standards of Professional Appraisal Practice. “Uniform Standards of Professional Appraisal Practice” means those standards adopted by the appraisal standards board of the appraisal foundation.
[PL 1999, c. 185, §5 (NEW).]
SECTION HISTORY
PL 1999, c. 185, §5 (NEW). PL 2009, c. 112, Pt. A, §20 (AMD).