Definitions

Link to law: http://arcweb.sos.state.or.us/pages/rules/oars_100/oar_161/161_002.html
Published: 2015

The Oregon Administrative Rules contain OARs filed through November 15, 2015

 

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APPRAISER CERTIFICATION AND LICENSURE BOARD




 


DIVISION 2
DEFINITIONS

161-002-0000
Definitions
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, 2016.
(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; ACLB 5-2013, f. 10-29-13, cert. ef. 1-1-14; ACLB 3-2015(Temp),
f. 10-27-15, cert. ef. 1-1-16 thru 6-28-16

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