Section 34-27A-2 Definitions.
Section 34-27A-2
Definitions.
The following terms as used in this chapter shall have the following meanings:
(1) APPRAISAL. The act or process of developing an opinion of value of real property; an opinion of the value of real property; of or pertaining to appraising real property and related functions such as appraisal practice or appraisal services.
(2) APPRAISAL SUBCOMMITTEE. The appraisal subcommittee of the Federal Financial Institutions Examination Council.
(3) APPRAISAL FOUNDATION. The Appraisal Foundation incorporated as an Illinois not-for-profit corporation on November 30, 1987.
(4) APPRAISAL REPORT. Any communication, written or oral, of an appraisal.
(5) BOARD. The State of Alabama Real Estate Appraisers Board established pursuant to the provisions of this chapter.
(6) CERTIFIED APPRAISAL or CERTIFIED APPRAISAL REPORT. An appraisal or appraisal report given or signed and certified as such by a licensed real property appraiser other than a trainee or registered real property appraiser. When identifying an appraisal or appraisal report as "certified," the real property appraiser shall indicate which type of license is held. A certified appraisal or appraisal report represents to the public that it meets the appraisal standards defined in this chapter.
(7) COMPLETE APPRAISAL. The act or process of developing an opinion of value of real property or an opinion of value of real property performed without invoking the departure rule.
(8) EXECUTIVE DIRECTOR. The chief administrative employee of the board.
(9) EXPERIENCE POINTS. The allowable credit for appraisal of particular types of properties.
(10) FEDERALLY RELATED TRANSACTION. Any real estate-related financial transaction which:
a. A federal financial institutions regulatory agency or the resolution trust corporation engages in, contracts for, or regulates; and
b. Requires the services of an appraiser.
(11) FEDERAL FINANCIAL INSTITUTIONS REGULATORY AGENCIES. The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.
(12) FINANCIAL INSTITUTION. 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.
(13) LIMITED APPRAISAL. The act or process of developing an opinion of value of real property or an opinion of value of real property developed under and resulting from invoking the departure rule.
(14) REAL ESTATE. An identified parcel or tract of land, including improvements, if any.
(15) REAL ESTATE-RELATED FINANCIAL TRANSACTION. Any transaction involving any of the following:
a. The sale, lease, purchase, investment in or exchange of real property, including interests in property, or the financing thereof.
b. The refinancing of real property or interests in real property.
c. The use of real property or interests in property as security for a loan or investment, including mortgage-backed securities.
(16) REAL PROPERTY. One or more defined interests, benefits, and rights inherent in the ownership of real estate.
(Acts 1990, No. 90-639, p. 1175, §2; Acts 1994, No. 94-117, p. 128, §1; Act 2004-525, §1.)