Pennsylvania Code › Title 49 - PROFESSIONAL AND VOCATIONAL STANDARDS › Part I - DEPARTMENT OF STATE › Subpart A - PROFESSIONAL AND OCCUPATIONAL AFFAIRS › Chapter 36 - STATE BOARD OF CERTIFIED REAL ESTATE APPRAISERS › Subchapter A - GENERAL PROVISIONS › GENERAL PROVISIONS › Section 36.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this
						  chapter, have the following meanings, unless the context clearly indicates
						  otherwise:
AQB-The Appraiser Qualifications Board of The
						  Appraisal Foundation
-The independent board of The Appraisal Foundation
						  that establishes the minimum education, experience, examination and continuing
						  education requirements for real property appraisers under Title XI of FIRREA
						  (12 U.S.C.A. §§
													3331-3356). The term includes any
						  successor organization as designated by the United States Congress or the
						  ASC.
AQB Qualification Criteria
-The AQB
						  publication,
The Real Property Appraiser Qualification
						  Criteria
, establishing the minimum education, experience, examination
						  and continuing education requirements for real property appraisers to obtain a
						  state license or certification. The publication may be accessed at The
						  Appraisal Foundation web site at
www.appraisalfoundation.org
.
ASC
-The Appraisal Subcommittee of the
						  Federal Financial Institutions Examination Council.
Act
-The Real Estate Appraisers
						  Certification Act (63 P.S. §§
													457.1-457.19).
Ad valorem tax appraisal
-Valuation for
						  tax purposes involving the appraisal of real estate, its analysis, opinions and
						  conclusions regarding taxation.
Applicant
-A natural person.
Appraisal
-A written analysis, opinion
						  or conclusion relating to the nature, quality, value or utility of specified
						  interests in, or aspects of, identified real property, for or in expectation of
						  compensation.
Appraisal review
-An analysis of a
						  completed appraisal report to determine if it conforms to specific requirements
						  and guidelines and to ensure that the report is consistent and mathematically
						  correct.
Board
-The State Board of Certified
						  Real Estate Appraisers within the Bureau of Professional and Occupational
						  Affairs in the Department of State of the Commonwealth.
Certified broker/appraiser
-A person
						  who holds a certificate issued under authority of section 6(a)(3) of the act
						  (63
						  P.S. §
													457.6(a)(3)) and
						  who is authorized to perform appraisals of all types of real property in
						  non-Federally-related transactions.
Certified general real estate
						  appraiser
-A person who holds a certificate issued under authority of
						  section 6(a)(2) and (e) of the act and §
												36.12 (relating to qualifications
						  for certification as general real estate appraiser) and who is authorized to
						  perform appraisals of all types of real property in all transactions, whether
						  Federally-related or non-Federally-related.
Certified real estate appraiser
-A
						  certified broker/ appraiser, certified residential real estate appraiser or
						  certified general real estate appraiser.
Certified residential real estate
						  appraiser
-A person who holds a certificate issued under authority of
						  section 6(a)(1) and (d) of the act and §
												36.11 (relating to qualifications
						  for certification as residential real estate appraiser) and who is authorized
						  to perform appraisals of residential properties of one-to-four dwelling units
						  in all transactions, whether Federally-related or non-Federally-related.
Distance education
-Except as otherwise
						  required by AQB Qualification Criteria, an educational process based on the
						  geographical separation of the learner and instructor, which provides
						  interaction between the learner and instructor and includes testing. Examples
						  include CD-ROM or DVD-ROM, on-line learning, correspondence courses, video
						  conferencing, and video and remote television courses.
FIRREA
-The Financial Institutions
						  Reform, Recovery, and Enforcement Act of 1989 (Pub.L. No. 101-73,
						  103 Stat. 183).
Feasibility analysis
-A study of the
						  cost-benefit relationship of an economic endeavor.
Federally-related transaction
-A real
						  estate-related financial transaction which a Federal financial institution
						  regulatory agency or the Resolution Trust Corporation engages in, contracts for
						  or regulates, and which requires the services of an appraiser.
Highest and best use analysis
-A study
						  which represents the reasonable and probable use that results in the highest
						  present value of the land or improved property after considering all legally
						  permissible, physically possible and economically feasible uses.
IDECC
-International Distance Education
						  Certification Center.
In good standing
-
(i) When referring to an individual certified
						or licensed by the Board to perform appraisals, an individual who is authorized
						under the act to perform appraisals or to act as a licensed appraiser
						trainee.
(ii) The term includes an
						individual who has an active, unrestricted certificate or license, or a
						certificate or license that is on probation or subject to a restriction ordered
						by the Board.
(iii) The term does
						not include an individual who holds a certificate or license that is inactive,
						expired, suspended or revoked.
Licensed appraiser trainee
-A person
						  who holds a license issued under section 6(a.1) of the act and §
												36.12a (relating to qualifications
						  for licensure as appraiser trainee) and who is authorized to assist a certified
						  residential real estate appraiser or certified general real estate appraiser in
						  the performance of an appraisal.
Real estate counseling
-Providing, for
						  a fee, disinterested and unbiased advice, professional guidance and judgment in
						  the broad field of real estate, involving all segments of the business,
						  including marketing, leasing, managing, planning, financing, appraising,
						  providing testimony and other similar services. Real estate counseling is a
						  specialty area in which the counselor clearly identifies the real estate
						  problem to be solved, determines the most satisfactory solutions and, where
						  appropriate, follows through on the implementation.
Real estate-related financial
						  transaction
-A transaction involving the following:
(i) Sale, lease, purchase, investment in or
						exchange of real property, including interests in property or the financing
						thereof.
(ii) Refinancing of real
						property or interests in real property.
(iii) Use of real property or interests in
						property as security for a loan or investment, including mortgage-backed
						securities.
Review appraiser
-A person who performs
						  an appraisal review.
USPAP
-The Uniform Standards of
						  Professional Appraisal Practice promulgated by the Appraisal Standards Board of
						  The Appraisal Foundation.
The provisions of this §
														36.1 issued under sections 5(2),
							 6(h) and 10(b) of the Real Estate Appraisers Certification Act (63 P.S.
							 §§
															457.5(2),
							 457.6(h) and 457.10(b));
							 amended under sections 5(1) and (2), 6, 9(a) and 10(b) and (b.2) of the Real
							 Estate Appraisers Certification Act (63 P.S. §§
															457.5(1) and (2),
							 457.6,
							 457.9(a) and 457.10(b) and
							 (b.2)); and sections 3, 4(d) and 12 of the Assessors Certification Act
							 (63
							 P.S. §§
															458.3,
							 458.4(d) and
							 458.12).
This section cited in 49 Pa. Code §
														36.401 (relating to
							 definitions).