Washington Administrative Code › Title 458 - Revenue, Department of › Chapter 458-10 - Accreditation of real property appraisers › Section 458-10-010 - Accreditation of real property appraisers - Implementation - Definitions

Current through Register Vol. 24-14, July 15, 2024
(1)
Implementation of accreditation requirements.
The rules in this
			 chapter implement the provisions of
			 chapter
			 36.21 RCW dealing with the
			 accreditation of persons responsible for valuing real property for purposes of
			 taxation. To the extent practical, these rules coordinate accreditation
			 requirements with the requirements for certified and licensed real estate
			 appraisers under chapter 18.140 RCW. The purpose of these rules is to promote
			 uniformity and consistency throughout the state in the education and experience
			 qualifications and maintain minimum standards of competence and conduct of
			 persons responsible for valuing real property for purposes of
			 taxation.
(2)
Accreditation
			 required for persons valuing real property for purposes of taxation.
Any
			 person responsible for valuing real property for purposes of taxation must be
			 an accredited appraiser. This requirement includes persons acting as assistants
			 or deputies to a county assessor who determine real property values or review
			 appraisals prepared by others. This requirement does not apply to persons
			 working in the county assessor's office who do not exercise appraisal judgment
			 with respect to real property.
(3)
Definitions.
Unless the context clearly requires otherwise, the
			 following definitions apply throughout chapter 458-10 WAC:
(a) "Accreditation" means the act or process
			 by which persons are authorized by the department to assess real property for
			 purposes of taxation and includes the status of being accredited.
(b) "Accredited appraiser" means a person who
			 has successfully completed and fulfilled all requirements imposed by the
			 department for accreditation and who has a currently valid accreditation
			 certificate.
(c) "Appraisal" means
			 the act or process of estimating the value of real property; an estimate of
			 value of real property; or of or pertaining to appraising real property and
			 related functions.
(d) "Assessment"
			 means the act or process of estimating the value of real property for purposes
			 of taxation only; an estimate of value of real property for purposes of
			 taxation only; or of or pertaining to assessing real property and related
			 functions.
(e) "Classroom hour"
			 means a minimum of fifty minutes out of each sixty-minute hour spent attending
			 an approved course.
(f)
			 "Department" means the department of revenue.
(g) "IAAO" means the International
			 Association of Assessing Officers.
(h) "Real property" means an identified
			 parcel or tract of land, including any improvements, and includes one or more
			 defined interests, benefits, or rights inherent in the ownership of real
			 estate.
(i) "Transactions involving
			 real property" means any of the following:
(i)
			 The sale, lease, purchase, investment in, or exchange of real property,
			 including interests in property or the financing thereof;
(ii) The refinancing of real property or
			 interests in real property; or
(iii) The use of real property or interests
			 in property as security for a loan or investment, including mortgage-backed
			 securities.