As used in OAR 161-01-005 to 161-50-050, the following terms (whether capitalized or not) shall have the following meanings:
(1) “Accredited College or University” means a college or university that is accredited by the Commission on Colleges, or by an accrediting agency that is recognized by the U.S. Department of Education.
(2) “Administrator” means the administrator of the Board appointed by the Board.
(3) “Affiliate” means a business organization sharing with a financial institution or insurance company some aspect of common ownership and control.
(4) “Appraisal” or “Real Estate Appraisal” means “appraisal” as defined in USPAP.
(5) “Appraisal Foundation” means the Appraisal Foundation established on November 30, 1987, as a not-for-profit corporation under the laws of Illinois.
(6) “Appraisal Report” means “report” as defined in USPAP.
(7) “Appraiser Assistant” or “AA” means a person who is not licensed or certified as an appraiser, but is registered as an appraiser assistant under ORS 674.310, and who assists with real estate appraisal activity under the direct supervision of a certified appraiser.
(8) “Appraisal Subcommittee” or “ASC” means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (FFIEC) established pursuant to the Federal Act.
(9) “Board” or “ACLB” means the Appraiser Certification and Licensure Board established under ORS Chapter 674.
(10) “Certificate” means the document issued by the Board indicating that the person named thereon has satisfied the requirements for certification as a state certified residential or state certified general appraiser.
(11) “Classroom hour” as used in reference to qualifying and continuing education means 50 minutes out of each 60 minute segment.
(12) “Completion” means interpreting, analyzing and reconciling data or compiled data, including reviewing and adopting another person’s interpretations and reconciliations as one’s own.
(13) “Complex one-to-four family residential property appraisal” means an appraisal in which the property to be appraised, market conditions, or form of ownership is atypical. For example, atypical factors may include, but are not limited to:
(a) Architectural style;
(b) Age of improvements;
(c) Size of improvements;
(d) Size of lot;
(e) Neighborhood land use;
(f) Potential environmental hazard liability;
(g) Property interests;
(h) Property Conditions
(i) Limited readily available comparable sales data; or
(j) Other unusual factors.
(14) “Continuing Education” means education that is creditable toward the education requirements that must be satisfied to renew a license, certificate or appraiser assistant registration.
(15) “Direct Supervision” of an appraiser assistant means:
(a) disclosing in the appraisal report that the supervising appraiser has inspected the subject property both inside and out, and has made an exterior inspection of all comparables relied upon in the appraisal or disclose that the supervising appraiser did not inspect the subject property both inside and out, and did not inspect the exterior of comparables relied upon in the appraisal; and
(b) reviewing the appraiser assistant’s appraisal report(s) to ensure research of general and specific data has been adequately conducted and properly reported, application of appraisal principles and methodologies has been properly applied, that any analysis is sound and adequately reported, and that any analysis, opinions, or conclusions are adequately developed and reported so that the appraisal report is not misleading; and
(c) reviewing the appraiser assistant’s work product and discussing with the appraiser assistant any edits, corrections or modifications that need to be made to that work product to satisfy OAR 161-002-0000(14)(b); and
(d) accepting sole and total responsibility for the appraisal report by signing the appraisal report and certifying that the appraisal report has been prepared in compliance with the current edition of the Uniform Standards of Professional Appraisal Practice.
(16) “Federal Act” means Title XI of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C 3310 et seq.).
(17) “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; or
(d) The National Credit Union Administration.
(18) “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.
(19) “Good Standing” means the status of a person whose license, certificate or registration is not currently suspended or been revoked.
(20) “Issuance” means the act of communicating the opinion of value either in writing or orally.
(21) “License” means the document issued by the Board indicating that the person named thereon has satisfied all requirements for licensure as a state licensed appraiser.
(22) “Licensee” means any person who holds an active or inactive Oregon appraiser license, certified residential appraiser certificate, or certified general appraiser certificate.
(23) “Mortgage banker” has the meaning defined in ORS 59.840.
(24) “Non-residential” appraising means to render a value on real property other than one-to-four family residential properties.
(25) “One-to-four family residential property” means a property that includes one to four residential units and is residential in character, i.e., zoning, land use.
(26) “Preparation” means compiling data, including reviewing and adopting such compiled data as one’s own.
(27) “Prerequisite education” means the initial qualifying educational requirements to become licensed or certified with the Board.
(28) “Professional real estate activity” has the meaning defined in ORS 696.010.
(29) “Qualifying Education” means education that is creditable toward the education requirements for initial licensure or certification under one or more of the three real estate appraiser classifications.
(30) “Real estate appraisal activity” has the meaning defined in ORS 674.100.
(31) “Real Estate” or “Real Property” means an identified parcel or tract of land, together with any improvements, that includes easements, rights-of-way, undivided or future interests or similar rights in a tract of land, but does not include mineral rights, timber rights, growing crops, water rights or similar interests severable from the land when the transaction does not involve the associated parcel or tract of land.
(32) “State Certified General Appraiser or “SCGA” means an individual who has been certified as a state certified general appraiser by the Board.
(33) “State Certified Residential Appraiser or “SCRA” means an individual who has been certified as a state certified residential appraiser by the Board.
(34) “State Licensed Appraiser or “SLA” means an individual who has been licensed as a state licensed appraiser by the Board.
(35) “Subdivision” means either an act of subdividing land or an area or a tract of land subdivided to create four or more lots within a calendar year.
(36) “Supervising Appraiser” means a licensee who is directly supervising appraiser assistants pursuant to OAR 161-025-0025.
(37) “Supervising Appraiser Endorsement” means the document issued by the Board indicating that the licensee named thereon has satisfied all requirements of OAR 161-010-0085 to be a Supervising Appraiser.
(38) “Transaction Value” means:
(a) For loans or other extensions of credit, the amount of the loan or extension of credit; and
(b) For sales, leases, purchases and investments in or exchange of real property, the market value of the real property interest involved; and
(c) For the pooling of loans or interest in real property for resale or purchase, the amount of the loan or market value of the real property calculated with respect to each such loan or interest in real property.
(d) For determinations of the transaction value of real property or interests in real property in circumstances other than described in the proceeding (a) to (c) of this section, the market value of the real property interest involved.
(e) In condemnation or partial taking actions, the transaction value is deemed to be the value of the larger parcel before the taking.
(39) “Uniform Standards of Professional Appraisal Practice” or “USPAP” means the standards adopted and published by the Appraisal Standards Board of the Appraisal Foundation dated April 27, 1987, as amended January 1, 2012.
(40) “Workfile” means “workfile” as defined in USPAP.
Stat. Auth.: ORS
674.305 & 674.310
Stats. Implemented: ORS 674
Hist.: ACLB 2-1991(Temp), f. & cert. ef. 7-1-91; ACLB 7-1991, f. & cert. ef. 12-23-91; ACLB 1-1993(Temp), f. & cert. ef. 3-3-93; ACLB 1-1994, f. & cert. ef. 2-1-94, Renumbered from 161-010-0000; ACLB 4-1994, f. & cert. ef. 7-27-94; ACLB 4-1994, f. & cert. ef. 7-27-94; ACLB 2-1996, f. & cert. ef. 2-13-96; ACLB 1-1997(Temp), f. 10-13-97, cert. ef. 1-1-98; ACLB 1-1998, f. 6-24-98, cert. ef. 7-1-98; ACLB 1-1999, f. 1-28-99, cert. ef. 3-31-99; ACLB 1-2000, f. & cert. ef. 2-29-00; ACLB 1-2001(Temp), f. & cert. ef. 1-26-01 thru 7-25-01; ACLB 2-2001, f. 4-11-01, cert. ef. 4-12-01; ACLB 3-2001(Temp), f. & cert. ef. 7-12-01 thru 1-8-02; ACLB 1-2002, f. & cert. ef. 2-26-02; ALCB 2-2002, f. & cert. ef. 5-30-02; ACLB 2-2003, f. & cert. ef. 1-27-03; ACLB 1-2004, f. & cert. ef. 2-3-04; ACLB 2-2004, f. 5-25-04, cert. ef. 6-1-04; ACLB 1-2005, f. & cert. ef. 1-12-04; ACLB 4-2005, f. & cert. ef. 11-2-05; ACLB 1-2006(Temp), f. 6-29-06, cert. ef. 7-1-06 thru 12-28-06; ACLB 2-2006, f. & cert. ef. 7-26-06; ACLB 5-2007(Temp), f. 11-1-07, cert. ef. 1-1-08 thru 6-27-08; ACLB 1-2008, f. & cert. ef. 5-13-08; ACLB 3-2008, f. & cert. ef. 8-13-08; ACLB 2-2009(Temp), f. 1-28-09, cert. ef. 1-30-09 thru 7-28-09; Administrative correction 8-21-09; ACLB 4-2009, f. & cert. ef. 10-27-09; ACLB 5-2009(Temp), f. 12-15-09, cert. ef. 1-1-10 thru 6-27-10; ACLB 2-2010, f. & cert. ef. 4-23-10; ACLB 3-2011, f. & cert. ef. 11-17-11; ACLB 4-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12; ACLB 2-2012(Temp), f. & cert. ef. 8-3-12 thru 1-30-13; ACLB 1-2013, f. 1-30-13, cert. ef. 1-31-13