Idaho Administrative Code › Title IDAPA 24 - Occupational and Professional Licenses, Division of › Rule 24.18.01 - RULES OF THE REAL ESTATE APPRAISER BOARD › Section 24.18.01.010 - DEFINITIONS

Current through August 31, 2023
01.
Accredited
. Accredited by
			 the Commission on Colleges, a regional or national accreditation association,
			 or by an accrediting agency that is recognized by the U.S. Secretary of
			 Education. (3-28-23)
02.
Advisory Committee
. A committee of state certified or licensed
			 real estate appraisers appointed by the board to provide technical assistance
			 relating to real estate appraisal standards and real estate appraiser
			 experience, education and examination requirements that are appropriate for
			 each classification of state certified or licensed real estate appraiser.
			 (3-28-23)
03.
Appraiser
			 Qualifications Board
. Appraiser Qualifications Board of the Appraisal
			 Foundation establishes the qualifications criteria for licensing, certification
			 and recertification of appraisers. (3-28-23)
04.
Appraisal Standards Board
.
			 The Appraisal Standards Board of the Appraisal Foundation develops, publishes,
			 interprets and amends the Uniform Standards of Professional Appraisal Practice
			 (USPAP) on behalf of appraisers and users of appraisal services.
			 (3-28-23)
05.
Classroom
			 Hour
. Fifty (50) minutes out of each sixty (60) minute hour in a setting
			 which may include a classroom, conference/seminar, on-line or a virtual
			 classroom. (3-28-23)
06.
Field Real Estate Appraisal Experience
. Personal inspections of
			 real property, assembly and analysis of relevant facts, and by the use of
			 reason and the exercise of judgment, formation of objective opinions as to the
			 market or other value of such properties or interests therein and preparation
			 of written appraisal reports or other memoranda showing data, reasoning, and
			 conclusion. Professional responsibility for the valuation function is
			 essential. (3-28-23)
07.
FIRREA
. Title XI, Financial Institutions Reform, Recovery and
			 Enforcement Act of 1989, as amended, was designed to ensure that more reliable
			 appraisals are rendered in connection with federally related transactions.
			 (3-28-23)
08.
Real
			 Estate
. In addition to the previous definition in Section
			 54-4104(12),
			 Idaho Code, will also mean an identified parcel or tract of land, including
			 improvements, if any. (3-28-23)
09.
Real Property
. In addition to the previous definition in Section
			 54-4104(12),
			 Idaho Code, will also mean one or more defined interests, benefits, or rights
			 inherent in the ownership of real estate. (3-28-23)
10.
Residential Unit
. Real
			 estate with a current highest and best use of a residential nature. A
			 residential unit includes a kitchen and a bathroom. (3-28-23)
11.
Uniform Standards of Professional
			 Appraisal Practice or USPAP
. Those uniform standards adopted by the
			 Appraisal Foundation's Appraisal Standards Board. These standards may be
			 altered, amended, interpreted, supplemented, or repealed by the Appraisal
			 Standards Board (ASB) from time to time. (3-28-23)
12.
USPAP Course
. For the
			 purposes of licensure and license renewal, any reference to the approved USPAP
			 course means the National USPAP Course provided by Appraisal Qualifications
			 Board Certified USPAP Instructors and Educational Providers.
			 (3-28-23)
13.
Appraisal
			 Management Company or AMC
. Appraisal Management Company or AMC means a
			 natural person or organization that meets the definition in Section
			 54-4122, Idaho Code, and is
			 registered under the Idaho Appraisal Management Company Registration and
			 Regulation Act. (3-28-23)