Kentucky Administrative Regulations › Title 201 - GENERAL GOVERNMENT CABINET › Chapter 30 - Real Estate Appraisers Board › Section 201 KAR 30:010 - Definitions for 201 KAR Chapter 30

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO: KRS Chapter 324A,
				12
				U.S.C. 3350
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				324A.020 and
				324A.035
				require the Real Estate Appraisers Board, with the approval of the executive
				director of the Kentucky Real Estate Authority, to promulgate administrative
				regulations necessary to carry out the provisions of
				KRS
				324A.010 to
				324A.090. This
				administrative regulation is necessary to comply with Title XI of the Financial
				Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C.
				3331 through
				12 U.S.C.
				3351) , and KRS Chapter 324A. This
				administrative regulation defines terms used in 201 KAR Chapter 30.
Section 1. Definitions for 201 KAR Chapter
			 30.
(1) "Accredited" means a college or
			 university that grants credit toward a program for an associate, baccalaureate,
			 graduate, or professional degree and that is chartered, licensed, or granted
			 accreditation by an appropriately recognized educational association.
(2) "Appraiser panel" is defined by
			 KRS
			 324A.150(5).
(3) "Approved instructor" means an instructor
			 who has been approved by the board pursuant to
			 201 KAR
			 30:130 to teach continuing education or qualifying
			 education.
(4) "AQB" means the
			 Appraiser Qualification Board of the Appriasal Foundation.
(5) "Associate real property appraiser" means
			 an individual who has fulfilled the requirements for licensure as an associate
			 real property appraiser established by the board.
(6) "Certified general real property
			 appraiser" means an appraiser who has fulfilled the requirements for
			 certification established by the board to appraise all real property in
			 connection with federally and nonfederally related transactions.
(7) "Certified residential real property
			 appraiser" means an appraiser who has fulfilled the requirements for
			 certification established by the board to perform appraisals on improved
			 structures with up to four (4) residential units and vacant land.
(8) "Classroom hour" means sixty (60)
			 minutes, of which at least fifty (50) minutes are actual classroom instruction
			 attended by the student, including time for examinations.
(9) "Classroom hour of distance education"
			 means the allotted course time approved by the International Distance Education
			 Certification Center (IDECC) delivery certification.
(10) "Covered transaction" means any consumer
			 credit transaction secured by the consumer's principal dwelling.
(11) "Education provider" means a school or
			 organization that teaches continuing or qualifying education courses, programs,
			 or seminars required by the board.
(12) "Federal financial institutions
			 regulatory agencies" means a federal agency listed in
			 12
			 U.S.C. 3350(6) that
			 regulates lenders or the loans guaranteed by them.
(13) "Federally-related transaction" is
			 defined by
			 KRS
			 324A.010(8).
(14) "Formal complaint" means a formal
			 administrative pleading issued by the board that states a charge against a
			 certificate holder, licensee, registrant, or applicant and commences a formal
			 disciplinary proceeding pursuant to KRS Chapter 13B.
(15) "Grievance" means an allegation that a
			 person has violated the requirements of KRS Chapter 324A or 201 KAR Chapter
			 30.
(16) "Licensed nonfederal real
			 property appraiser" means an individual who has fulfilled the requirements for
			 licensure established by the board to appraise real property in connection with
			 non-federally-related transactions.
(17) "Licensed residential real property
			 appraiser" means an appraiser who has fulfilled the requirements for licensure
			 established by the board to appraise real property.
(18) "Real estate-related financial
			 transaction" means a transaction that involves the:
(a) Sale, lease, purchase, investment in or
			 exchange of real property, including an interest in real property, or the
			 financing thereof;
(b) Refinancing
			 of real property, or an interest in real property; and
(c) Use of real property, or an interest in
			 property, as security for a loan or investment, including a mortgage-backed
			 security.
(19) "Required
			 Core Curriculum" means the list of course topics established in Sections 8
			 through 12 of
			 201 KAR
			 30:190.
(20) "Residential" means having one (1) to
			 four (4) residential units.