Or. Admin. Code § 161-002-0000 - Definitions
As used in OAR 161-001-0005 to 161-050-0050, the following terms (whether capitalized or not) shall have the following meanings:
(1) "Accredited College or University" means
a college or university that is accredited by the Commission on Colleges, or by
an accrediting agency that is recognized by the U.S. Department of
Education.
(2) "Administrator"
means the administrator of the Board appointed by the Board.
(3) "Affiliate" means a business organization
sharing with a financial institution or insurance company some aspect of common
ownership and control; or an entity of a course owner that the course owner has
authorized to conduct a course using the owner's course materials.
(4) "Appraisal" or "Real Estate Appraisal"
means "appraisal" as defined in USPAP.
(5) "Appraisal Foundation" or "TAF" means the
Appraisal Foundation established on November 30, 1987, as a not-for-profit
corporation under the laws of Illinois.
(6) "Appraisal Report" means "report" as
defined in USPAP.
(7) "Appraiser
Assistant" or "AA" means a person who is not licensed or certified as an
appraiser, but is registered as an appraiser assistant under ORS 674.310, and
who assists with real estate appraisal activity under the direct supervision of
a certified appraiser.
(8)
"Appraiser" means one who is expected to perform valuation services competently
and in a manner that is independent, impartial and objective. Such expectation
occurs when individuals, either by choice or by requirement placed upon the
service they provide by law, regulation, or agreement with the client or
intended users, represent that they comply.
(9) "Appraisal Subcommittee" or "ASC" means
the Appraisal Subcommittee of the Federal Financial Institutions Examination
Council (FFIEC) established pursuant to the Federal Act.
(10) "Bias" means a preference or inclination
that precludes an appraiser's impartiality, independence, or objectivity in an
assignment.
(11) "Board" or "ACLB"
means the Oregon Appraiser Certification and Licensure Board established under
ORS Chapter 674.
(12) "Certificate"
means the document issued by the Board indicating that the person named thereon
has satisfied the requirements for certification as a state certified
residential or state certified general appraiser.
(13) "Classroom hour" as used in reference to
qualifying and continuing education means 50 minutes out of each 60 minute
segment that must be satisfied by a course attendee for calculation of
creditable hours for license/certification or credential renewal
purposes.
(14) "Completion" means
interpreting, analyzing and reconciling data or compiled data, including
reviewing and adopting another person's interpretations and reconciliations as
one's own.
(15) "Complex
one-to-four family residential property appraisal" means an appraisal in which
the property to be appraised, market conditions, or form of ownership is
atypical. For example, atypical factors may include, but are not limited to:
(a) Architectural style;
(b) Age of improvements;
(c) Size of improvements;
(d) Size of lot;
(e) Neighborhood land use;
(f) Potential environmental hazard
liability;
(g) Property
interests;
(h) Property
Conditions
(i) Limited readily
available comparable sales data; or
(j) Other unusual factors.
(16) "Continuing Education" means
education that is creditable toward the education requirements that must be
satisfied to renew a license, certificate or appraiser assistant
registration.
(17) "Course Owner"
means any school, organization, person or other entity that owns proprietary
rights to a course including an entity that owns and conducts the course
directly and/or through affiliated entities; an affiliated entity of a course
owner having Board approval that conducts the course under the auspices of the
course owner; or an entity that has purchased or otherwise lawfully acquired
the course from the course owner, including course materials and the right to
independently conduct the course using the acquired course materials.
(18) "Direct Supervision" of an appraiser
assistant means:
(a) Disclosing in the
appraisal report that the supervising appraiser has inspected the subject
property both inside and out, and has made an exterior inspection of all
comparables relied upon in the appraisal or disclose that the supervising
appraiser did not inspect the subject property both inside and out, and did not
inspect the exterior of comparables relied upon in the appraisal;
(b) Reviewing the appraiser assistant's
appraisal report(s) to ensure research of general and specific data has been
adequately conducted and properly reported, application of appraisal principles
and methodologies has been properly applied, that any analysis is sound and
adequately reported, and that any analysis, opinions, or conclusions are
adequately developed and reported so that the appraisal report is not
misleading; and
(c) Reviewing the
appraiser assistant's work product and discussing with the appraiser assistant
any edits, corrections or modifications that need to be made to that work
product to satisfy OAR 161-025-0025(1) through (4), OAR 161-025-0030(3), and
OAR 161-025-0060(1); and
(d)
Accepting sole and total responsibility for the appraisal report by signing the
appraisal report and certifying that the appraisal report has been prepared in
compliance with the current edition of the Uniform Standards of Professional
Appraisal Practice.
(19)
"Federal Act" means Title XI of the Federal Financial Institutions Reform,
Recovery and Enforcement Act of 1989, as amended (12 U.S.C. 3310 et
seq.).
(20) "Federal Financial
Institution Regulatory Agency" means:
(a) The
Board of Governors of the Federal Reserve System;
(b) The Federal Deposit Insurance
Corporation;
(c) The Office of the
Comptroller of the Currency; or
(d)
The National Credit Union Administration.
(21) "Financial Institution" means 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.
(22) "Good Standing"
means the status of a person whose license, certificate or registration is not
currently suspended or revoked.
(23) "Issuance" means the act of
communicating the opinion of value either in writing or orally.
(24) "License" means the document issued by
the Board indicating that the person named thereon has satisfied all
requirements for licensure as a state licensed appraiser.
(25) "Licensee" means any person who holds an
active or inactive Oregon appraiser license, certified residential appraiser
certificate, or certified general appraiser certificate.
(26) "Mortgage banker" has the meaning
defined in ORS 59.840.
(27)
"Non-residential" appraising means to render a value opinion on real property
other than one-to-four family residential properties.
(28) "One-to-four family residential
property" means a property that includes one to four residential units and is
residential in character, i.e., zoning, land use.
(29) "Personal Inspection" means a direct
in-person observation of a property performed as part of the scope of work for
an appraisal assignment or appraisal review assignment. An appraiser's personal
inspection is typically limited to those things readily observable without the
use of special testing or equipment.
(30) "Preparation" means compiling data,
including reviewing and adopting such compiled data as one's own.
(31) "Prerequisite education" means the
initial qualifying educational requirements to become licensed or certified by
the Board.
(32) "Professional real
estate activity" has the meaning defined in ORS 696.010.
(33) "Qualifying Education" means education
that is creditable toward the education requirements for initial licensure or
certification under one or more of the three real estate appraiser
classifications.
(34) "Real estate
appraisal activity" has the meaning defined in ORS 674.100.
(35) "Real Estate" or "Real Property" means
an identified parcel or tract of land, together with any improvements, that
includes easements, rights-of-way, undivided or future interests or similar
rights in a tract of land, but does not include mineral rights, timber rights,
growing crops, water rights or similar interests severable from the land when
the transaction does not involve the associated parcel or tract of
land.
(36) "State Certified General
Appraiser or "SCGA" means an individual who has been certified as a state
certified general appraiser by the Board.
(37) "State Certified Residential Appraiser
or "SCRA" means an individual who has been certified as a state certified
residential appraiser by the Board.
(38) "State Licensed Appraiser or "SLA" means
an individual who has been licensed as a state licensed appraiser by the
Board.
(39) "Subdivision" means
either an act of subdividing land or an area or a tract of land subdivided to
create four or more lots within a calendar year.
(40) "Supervising Appraiser" means a licensee
who is directly supervising appraiser assistants pursuant to OAR
161-025-0025.
(41) "Supervising
Appraiser Endorsement" means the document issued by the Board indicating that
the licensee named thereon has satisfied all requirements of OAR 161-010-0085 to be a Supervising Appraiser.
(42)
"Transaction Value" means:
(a) For loans or
other extensions of credit, the amount of the loan or extension of credit;
and
(b) For sales, leases,
purchases and investments in or exchange of real property, the market value of
the real property interest involved; and
(c) For the pooling of loans or interest in
real property for resale or purchase, the amount of the loan or market value of
the real property calculated with respect to each such loan or interest in real
property.
(d) For determinations of
the transaction value of real property or interests in real property in
circumstances other than described in the proceeding (a) to (c) of this
section, the market value of the real property interest involved.
(e) In condemnation or partial taking
actions, the transaction value is deemed to be the value of the larger parcel
before the taking.
(43)
"Uniform Standards of Professional Appraisal Practice" or "USPAP" means the
standards adopted and published by the Appraisal Standards Board of the
Appraisal Foundation dated April 27, 1987, as amended effective January 1, 2024
by the Appraisal Standards Board (ASB). Copies of the Uniform Standards of
Professional Appraisal Practice may be obtained from the Appraisal Foundation
located at 1155 - 15th Street NW, Suite 1111, Washington D.C.
20005-3517.
(44) "Workfile" means
documentation necessary to support an appraiser's analysis, opinions and
conclusions.
Notes
Statutory/Other Authority: ORS 674.305 & 674.310
Statutes/Other Implemented: ORS 674
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