Oregon Statutes 674.010 – Definitions
For purposes of this chapter:
Terms Used In Oregon Statutes 674.010
- Appraisal: A determination of property value.
- 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.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- 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
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) ‘Appraisal Foundation’ means the Appraisal Foundation established on November 30, 1987, as a not-for-profit corporation under the laws of Illinois.
(2) ‘Appraisal Subcommittee’ means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council established pursuant to the federal Act.
(3) ‘Board’ means the Appraiser Certification and Licensure Board established under ORS § 674.305.
(4) ‘Federal Act’ means Title XI of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. § 3310 et seq.).
(5) ‘Federal financial institution regulatory agency’ means:
(a) The Board of Governors of the Federal Reserve System;
(b) The Federal Deposit Insurance Corporation;
(c) The Office of the Comptroller of the Currency;
(d) The Office of Thrift Supervision; or
(e) The National Credit Union Administration.
(6) ‘Federally related transaction’ means any real estate-related financial transaction that:
(a) A federal financial institution regulatory agency or the Resolution Trust Corporation engages in, contracts for or regulates; and
(b) Requires the services of an appraiser.
(7) ‘Financial institution’ means an insured depository institution as defined in section 3 of the Federal Deposit Insurance Act or an insured credit union as defined in section 101 of the Federal Credit Union Act.
(8) ‘Mortgage banker’ has the meaning given that term in ORS § 86A.100.
(9) ‘Professional real estate activity’ has the meaning given that term in ORS § 696.010.
(10) ‘Real estate appraisal activity’ means the activity described in ORS § 674.100.
(11) ‘Real estate-related financial transaction’ means any transaction involving:
(a) The sale, lease, purchase, investment in or exchange of real property, including interests in real property, or the financing thereof;
(b) The refinancing of real property or interests in real property; and
(c) The use of real property or interests in real property as security for a loan or investment, including mortgage-backed securities.
(12) ‘State certified appraiser’ means an individual who has been certified as a state certified appraiser under ORS § 674.310.
(13) ‘State licensed appraiser’ means an individual who has been licensed as a state licensed appraiser under ORS § 674.310.
(14) ‘State registered appraiser assistant’ means an individual who has been registered as a state registered appraiser assistant under ORS § 674.310. [1991 c.5 § 2; 1993 c.465 § 2; 1993 c.508 § 41; 1993 c.744 § 217; 2005 c.254 § 1]