As used in this chapter, unless the context otherwise requires:
1.“Appraisal”or“realestateappraisal”meansananalysis, opinion, orconclusionrelating
to the nature, quality, value, or utility of specified interests in, or aspects of, identified real
estate. An appraisal may be classified by subject matter into either a valuation or an analysis.
A “valuation” is an estimate of the value of real estate or real property. An “analysis” is a
study of real estate or real property other than estimating value.
2.“Appraisal assignment” means an engagement for which an appraiser is employed or
retainedtoact, orwouldbeperceivedbythirdpartiesorthepublicasactingasadisinterested
third party in rendering an appraisal, valuation, or analysis.
3.“Appraisal foundation” means the appraisal foundation incorpo
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As used in this chapter, unless the context otherwise requires:
1. “Appraisal”or“realestateappraisal”meansananalysis, opinion, orconclusionrelating
to the nature, quality, value, or utility of specified interests in, or aspects of, identified real
estate. An appraisal may be classified by subject matter into either a valuation or an analysis.
A “valuation” is an estimate of the value of real estate or real property. An “analysis” is a
study of real estate or real property other than estimating value.
2. “Appraisal assignment” means an engagement for which an appraiser is employed or
retainedtoact, orwouldbeperceivedbythirdpartiesorthepublicasactingasadisinterested
third party in rendering an appraisal, valuation, or analysis.
3. “Appraisal foundation” means the appraisal foundation incorporated as an Illinois
not-for-profit corporation on November 30, 1987.
4. “Appraisal report” means any communication of an appraisal.
5. “Appraisalreview”meansdevelopingandcommunicatinganopinionundertheuniform
standards of professional appraisal practice review standards regarding the quality of an
appraiser’s work product, with or without also providing an opinion of value, prepared as
part of an appraisal assignment. “Appraisal review” does not include quality control solely to
assure an appraisal report is complete, or to correct grammatical, typographical, or similar
errors.
6. “Associate real estate appraiser” means a person who may not yet fully meet the
requirements for certification but who is providing significant input into the appraisal
development under the direction of a certified appraiser.
7. “Board” means the real estate appraiser examining board established pursuant to this
chapter.
8. “Certifiedappraisalorcertifiedappraisalreport”meansanappraisalorappraisalreport
givenorsignedandcertifiedasanappraisalorappraisalreportbyanIowacertifiedrealestate
appraiser.
§543D.2, REAL ESTATE APPRAISALS AND APPRAISERS 2
9. “Certified real estate appraiser” means a person who develops and communicates real
estateappraisalsandwhoholdsacurrent,validcertificateforappraisalsoftypesofrealestate
which may include residential, commercial, or rural real estate, as may be established under
this chapter.
10. “Director” means the director of the department of inspections, appeals, and licensing
or the director’s designee.
11. “Federally related transaction” means any financial transaction related to real estate
whichafederalfinancialinstitutionsregulatoryagencyengagesin,contractsfor,orregulates,
and which requires the services of an appraiser pursuant to federally related transaction
regulations.
12. “Federally related transaction regulations” means regulations established by the
comptroller of the currency, the board of governors of the federal reserve system, the
federal deposit insurance corporation, or the national credit union administration pursuant
to sections 1112, 1113, and 1114 of Tit. XI of the federal Financial Institutions Reform,
Recovery, and Enforcement Act, 12 U.S.C. §3341 – 3343.
13. “Review appraiser” means a person who is responsible for conducting an appraisal
review.
14. “Specialized services” means a hypothetical or other special valuation, or an analysis
or an appraisal which does not fall within the definition of an appraisal assignment.