339.503. As used in sections 339.500 to 339.549, the following wordsand phrases mean, unless the context clearly indicates otherwise:
(1) "Appraisal" or "real estate appraisal", an objective analysis,evaluation, opinion, or conclusion relating to the nature, quality, valueor utility of specified interests in, or aspects of, identified realestate. An appraisal may be classified by subject matter into either avaluation or an analysis;
(2) "Appraisal assignment", an engagement for which a person isemployed or retained to act as a disinterested third party in rendering anobjective appraisal;
(3) "Appraisal foundation", the organization of the same name thatwas incorporated as an Illinois not-for-profit corporation on November 20,1987, whose operative boards are the appraisal standards board and theappraiser qualifications board;
(4) "Appraisal report", any communication, written or oral, of anappraisal. The purpose of an appraisal is immaterial, therefore valuationreports, real estate counseling reports, real estate tax counselingreports, real estate offering memoranda, mortgage banking offers, highestand best use studies, market demand and economic feasibility studies andall other reports communicating an appraisal analysis, opinion orconclusion are appraisal reports, regardless of title;
(5) "Appraisal standards board (ASB)", the independent board of theappraisal foundation which promulgates the generally accepted standards ofthe appraisal profession and the uniform standards of professionalappraisal practices;
(6) "Appraiser qualifications board (AQB)", the independent board ofthe appraisal foundation which establishes minimum experience, educationand examination criteria for state licensing of appraisers;
(7) "Boat dock", a structure for loading and unloading boats andconnecting real property to water, public or private. A boat dock is realproperty and has riparian rights, provided:
(a) The lender includes the boat dock as a fixture both in thelender's deed of trust and a uniform commercial code fixture filing undersection 400.9-502, RSMo;
(b) The boat dock is attached to the real property by steel cable,bar, or chain that is permanently imbedded in concrete or rock, andotherwise securely attached to the dock; and
(c) The owner of the dock has riparian rights by means of real estaterights bordering the body of water, including such rights by license,grant, or other means allowing access to the body of water, which accessmay be seasonal because the water may be reduced for electric powerproduction or flood control;
(8) "Broker price opinion", an opinion of value, prepared by a realestate licensee for a fee, that includes, but is not limited to, analysisof competing properties, comparable sold properties, recommended repairsand costs or suggested marketing techniques. A broker price opinion is notan appraisal and shall specifically state it is not an appraisal;
(9) "Certificate", the document issued by the Missouri real estateappraisers commission evidencing that the person named therein hassatisfied the requirements for certification as a state-certified realestate appraiser and bearing a certificate number assigned by thecommission;
(10) "Certificate holder", a person certified by the commissionpursuant to the provisions of sections 339.500 to 339.549;
(11) "Certified appraisal report", an appraisal prepared or signed bya state-certified real estate appraiser. A certified appraisal reportrepresents to the public that it meets the appraisal standards defined insections 339.500 to 339.549;
(12) "Commission", the Missouri real estate appraisers commission,created in section 339.507;
(13) "Comparative market analysis", the analysis of sales of similarrecently sold properties in order to derive an indication of the probablesales price of a particular property undertaken by a licensed real estatebroker or agent, for his or her principal. A comparative market analysisis not an appraisal and shall specifically state it is not an appraisal;
(14) "Disinterested third party" shall not exclude anystate-certified real estate appraiser or state-licensed real estateappraiser employed or retained by any bank, savings association, creditunion, mortgage banker or other lender to perform appraisal assignments,provided that the appraisal assignments are rendered with respect to loansto be extended by the bank, savings association, credit union, mortgagebanker or other lender, and provided further that the state-certified realestate appraiser or state-licensed real estate appraiser is not requestedor required to report a predetermined analysis or opinion of value;
(15) "License" or "licensure", a license or licensure issued pursuantto the provisions of sections 339.500 to 339.549 evidencing that the personnamed therein has satisfied the requirements for licensure as astate-licensed real estate appraiser and bearing a license number assignedby the commission;
(16) "Real estate", an identified parcel or tract of land, includingimprovements, if any;
(17) "Real estate appraiser" or "appraiser", a person who for a feeor valuable consideration develops and communicates real estate appraisalsor otherwise gives an opinion of the value of real estate or any interesttherein;
(18) "Real estate appraising", the practice of developing andcommunicating real estate appraisals;
(19) "Real property", the interests, benefits and rights inherent inthe ownership of real estate;
(20) "Residential real estate", any parcel of real estate, improvedor unimproved, that is primarily residential in nature and that includes oris intended to include a residential structure containing not more thanfour dwelling units and no other improvements except those which aretypical residential improvements that support the residential use for thelocation and property type. A residential unit is a condominium, townhouse or cooperative complex, or a planned unit development is consideredto be residential real estate. Subdivisions are not considered residentialreal estate. Individual parcels of property located within a residentialsubdivision shall be considered residential property;
(21) "Specialized appraisal services", appraisal services which donot fall within the definition of appraisal assignment. The term"specialized services" may include valuation work and analysis work.Regardless of the intention of the client or employer, if the appraiser isacting as a disinterested third party in rendering an unbiased analysis,opinion or conclusion, the work is classified as an appraisal assignmentand not specialized services;
(22) "State-certified general real estate appraiser", a person whoholds a current, valid certificate as a state-certified general real estateappraiser issued pursuant to the provisions of sections 339.500 to 339.549;
(23) "State-certified residential real estate appraiser", a personwho holds a current, valid certificate as a state-certified residentialreal estate appraiser issued pursuant to the provisions of sections 339.500to 339.549;
(24) "State-licensed real estate appraiser", a person who holds acurrent, valid license as a state-licensed real estate appraiser pursuantto the provisions of sections 339.500 to 339.549;
(25) "Subdivision", a tract of land that has been divided into blocksor plots with streets, roadways, open areas and other facilitiesappropriate to its development as residential, commercial or industrialsites;
(26) "Temporary appraiser licensure or certification", the issuanceof a temporary license or certificate by the commission to a personlicensed or certified in another state who enters this state for thepurpose of completing a particular appraisal assignment.
339.503. As used in sections 339.500 to 339.549, the following wordsand phrases mean, unless the context clearly indicates otherwise:
(1) "Appraisal" or "real estate appraisal", an objective analysis,evaluation, opinion, or conclusion relating to the nature, quality, valueor utility of specified interests in, or aspects of, identified realestate. An appraisal may be classified by subject matter into either avaluation or an analysis;
(2) "Appraisal assignment", an engagement for which a person isemployed or retained to act as a disinterested third party in rendering anobjective appraisal;
(3) "Appraisal foundation", the organization of the same name thatwas incorporated as an Illinois not-for-profit corporation on November 20,1987, whose operative boards are the appraisal standards board and theappraiser qualifications board;
(4) "Appraisal report", any communication, written or oral, of anappraisal. The purpose of an appraisal is immaterial, therefore valuationreports, real estate counseling reports, real estate tax counselingreports, real estate offering memoranda, mortgage banking offers, highestand best use studies, market demand and economic feasibility studies andall other reports communicating an appraisal analysis, opinion orconclusion are appraisal reports, regardless of title;
(5) "Appraisal standards board (ASB)", the independent board of theappraisal foundation which promulgates the generally accepted standards ofthe appraisal profession and the uniform standards of professionalappraisal practices;
(6) "Appraiser qualifications board (AQB)", the independent board ofthe appraisal foundation which establishes minimum experience, educationand examination criteria for state licensing of appraisers;
(7) "Boat dock", a structure for loading and unloading boats andconnecting real property to water, public or private. A boat dock is realproperty and has riparian rights, provided:
(a) The lender includes the boat dock as a fixture both in thelender's deed of trust and a uniform commercial code fixture filing undersection 400.9-502, RSMo;
(b) The boat dock is attached to the real property by steel cable,bar, or chain that is permanently imbedded in concrete or rock, andotherwise securely attached to the dock; and
(c) The owner of the dock has riparian rights by means of real estaterights bordering the body of water, including such rights by license,grant, or other means allowing access to the body of water, which accessmay be seasonal because the water may be reduced for electric powerproduction or flood control;
(8) "Broker price opinion", an opinion of value, prepared by a realestate licensee for a fee, that includes, but is not limited to, analysisof competing properties, comparable sold properties, recommended repairsand costs or suggested marketing techniques. A broker price opinion is notan appraisal and shall specifically state it is not an appraisal;
(9) "Certificate", the document issued by the Missouri real estateappraisers commission evidencing that the person named therein hassatisfied the requirements for certification as a state-certified realestate appraiser and bearing a certificate number assigned by thecommission;
(10) "Certificate holder", a person certified by the commissionpursuant to the provisions of sections 339.500 to 339.549;
(11) "Certified appraisal report", an appraisal prepared or signed bya state-certified real estate appraiser. A certified appraisal reportrepresents to the public that it meets the appraisal standards defined insections 339.500 to 339.549;
(12) "Commission", the Missouri real estate appraisers commission,created in section 339.507;
(13) "Comparative market analysis", the analysis of sales of similarrecently sold properties in order to derive an indication of the probablesales price of a particular property undertaken by a licensed real estatebroker or agent, for his or her principal. A comparative market analysisis not an appraisal and shall specifically state it is not an appraisal;
(14) "Disinterested third party" shall not exclude anystate-certified real estate appraiser or state-licensed real estateappraiser employed or retained by any bank, savings association, creditunion, mortgage banker or other lender to perform appraisal assignments,provided that the appraisal assignments are rendered with respect to loansto be extended by the bank, savings association, credit union, mortgagebanker or other lender, and provided further that the state-certified realestate appraiser or state-licensed real estate appraiser is not requestedor required to report a predetermined analysis or opinion of value;
(15) "License" or "licensure", a license or licensure issued pursuantto the provisions of sections 339.500 to 339.549 evidencing that the personnamed therein has satisfied the requirements for licensure as astate-licensed real estate appraiser and bearing a license number assignedby the commission;
(16) "Real estate", an identified parcel or tract of land, includingimprovements, if any;
(17) "Real estate appraiser" or "appraiser", a person who for a feeor valuable consideration develops and communicates real estate appraisalsor otherwise gives an opinion of the value of real estate or any interesttherein;
(18) "Real estate appraising", the practice of developing andcommunicating real estate appraisals;
(19) "Real property", the interests, benefits and rights inherent inthe ownership of real estate;
(20) "Residential real estate", any parcel of real estate, improvedor unimproved, that is primarily residential in nature and that includes oris intended to include a residential structure containing not more thanfour dwelling units and no other improvements except those which aretypical residential improvements that support the residential use for thelocation and property type. A residential unit is a condominium, townhouse or cooperative complex, or a planned unit development is consideredto be residential real estate. Subdivisions are not considered residentialreal estate. Individual parcels of property located within a residentialsubdivision shall be considered residential property;
(21) "Specialized appraisal services", appraisal services which donot fall within the definition of appraisal assignment. The term"specialized services" may include valuation work and analysis work.Regardless of the intention of the client or employer, if the appraiser isacting as a disinterested third party in rendering an unbiased analysis,opinion or conclusion, the work is classified as an appraisal assignmentand not specialized services;
(22) "State-certified general real estate appraiser", a person whoholds a current, valid certificate as a state-certified general real estateappraiser issued pursuant to the provisions of sections 339.500 to 339.549;
(23) "State-certified residential real estate appraiser", a personwho holds a current, valid certificate as a state-certified residentialreal estate appraiser issued pursuant to the provisions of sections 339.500to 339.549;
(24) "State-licensed real estate appraiser", a person who holds acurrent, valid license as a state-licensed real estate appraiser pursuantto the provisions of sections 339.500 to 339.549;
(25) "Subdivision", a tract of land that has been divided into blocksor plots with streets, roadways, open areas and other facilitiesappropriate to its development as residential, commercial or industrialsites;
(26) "Temporary appraiser licensure or certification", the issuanceof a temporary license or certificate by the commission to a personlicensed or certified in another state who enters this state for thepurpose of completing a particular appraisal assignment.
339.503. As used in sections 339.500 to 339.549, the following wordsand phrases mean, unless the context clearly indicates otherwise:
(1) "Appraisal" or "real estate appraisal", an objective analysis,evaluation, opinion, or conclusion relating to the nature, quality, valueor utility of specified interests in, or aspects of, identified realestate. An appraisal may be classified by subject matter into either avaluation or an analysis;
(2) "Appraisal assignment", an engagement for which a person isemployed or retained to act as a disinterested third party in rendering anobjective appraisal;
(3) "Appraisal foundation", the organization of the same name thatwas incorporated as an Illinois not-for-profit corporation on November 20,1987, whose operative boards are the appraisal standards board and theappraiser qualifications board;
(4) "Appraisal report", any communication, written or oral, of anappraisal. The purpose of an appraisal is immaterial, therefore valuationreports, real estate counseling reports, real estate tax counselingreports, real estate offering memoranda, mortgage banking offers, highestand best use studies, market demand and economic feasibility studies andall other reports communicating an appraisal analysis, opinion orconclusion are appraisal reports, regardless of title;
(5) "Appraisal standards board (ASB)", the independent board of theappraisal foundation which promulgates the generally accepted standards ofthe appraisal profession and the uniform standards of professionalappraisal practices;
(6) "Appraiser qualifications board (AQB)", the independent board ofthe appraisal foundation which establishes minimum experience, educationand examination criteria for state licensing of appraisers;
(7) "Boat dock", a structure for loading and unloading boats andconnecting real property to water, public or private. A boat dock is realproperty and has riparian rights, provided:
(a) The lender includes the boat dock as a fixture both in thelender's deed of trust and a uniform commercial code fixture filing undersection 400.9-502, RSMo;
(b) The boat dock is attached to the real property by steel cable,bar, or chain that is permanently imbedded in concrete or rock, andotherwise securely attached to the dock; and
(c) The owner of the dock has riparian rights by means of real estaterights bordering the body of water, including such rights by license,grant, or other means allowing access to the body of water, which accessmay be seasonal because the water may be reduced for electric powerproduction or flood control;
(8) "Broker price opinion", an opinion of value, prepared by a realestate licensee for a fee, that includes, but is not limited to, analysisof competing properties, comparable sold properties, recommended repairsand costs or suggested marketing techniques. A broker price opinion is notan appraisal and shall specifically state it is not an appraisal;
(9) "Certificate", the document issued by the Missouri real estateappraisers commission evidencing that the person named therein hassatisfied the requirements for certification as a state-certified realestate appraiser and bearing a certificate number assigned by thecommission;
(10) "Certificate holder", a person certified by the commissionpursuant to the provisions of sections 339.500 to 339.549;
(11) "Certified appraisal report", an appraisal prepared or signed bya state-certified real estate appraiser. A certified appraisal reportrepresents to the public that it meets the appraisal standards defined insections 339.500 to 339.549;
(12) "Commission", the Missouri real estate appraisers commission,created in section 339.507;
(13) "Comparative market analysis", the analysis of sales of similarrecently sold properties in order to derive an indication of the probablesales price of a particular property undertaken by a licensed real estatebroker or agent, for his or her principal. A comparative market analysisis not an appraisal and shall specifically state it is not an appraisal;
(14) "Disinterested third party" shall not exclude anystate-certified real estate appraiser or state-licensed real estateappraiser employed or retained by any bank, savings association, creditunion, mortgage banker or other lender to perform appraisal assignments,provided that the appraisal assignments are rendered with respect to loansto be extended by the bank, savings association, credit union, mortgagebanker or other lender, and provided further that the state-certified realestate appraiser or state-licensed real estate appraiser is not requestedor required to report a predetermined analysis or opinion of value;
(15) "License" or "licensure", a license or licensure issued pursuantto the provisions of sections 339.500 to 339.549 evidencing that the personnamed therein has satisfied the requirements for licensure as astate-licensed real estate appraiser and bearing a license number assignedby the commission;
(16) "Real estate", an identified parcel or tract of land, includingimprovements, if any;
(17) "Real estate appraiser" or "appraiser", a person who for a feeor valuable consideration develops and communicates real estate appraisalsor otherwise gives an opinion of the value of real estate or any interesttherein;
(18) "Real estate appraising", the practice of developing andcommunicating real estate appraisals;
(19) "Real property", the interests, benefits and rights inherent inthe ownership of real estate;
(20) "Residential real estate", any parcel of real estate, improvedor unimproved, that is primarily residential in nature and that includes oris intended to include a residential structure containing not more thanfour dwelling units and no other improvements except those which aretypical residential improvements that support the residential use for thelocation and property type. A residential unit is a condominium, townhouse or cooperative complex, or a planned unit development is consideredto be residential real estate. Subdivisions are not considered residentialreal estate. Individual parcels of property located within a residentialsubdivision shall be considered residential property;
(21) "Specialized appraisal services", appraisal services which donot fall within the definition of appraisal assignment. The term"specialized services" may include valuation work and analysis work.Regardless of the intention of the client or employer, if the appraiser isacting as a disinterested third party in rendering an unbiased analysis,opinion or conclusion, the work is classified as an appraisal assignmentand not specialized services;
(22) "State-certified general real estate appraiser", a person whoholds a current, valid certificate as a state-certified general real estateappraiser issued pursuant to the provisions of sections 339.500 to 339.549;
(23) "State-certified residential real estate appraiser", a personwho holds a current, valid certificate as a state-certified residentialreal estate appraiser issued pursuant to the provisions of sections 339.500to 339.549;
(24) "State-licensed real estate appraiser", a person who holds acurrent, valid license as a state-licensed real estate appraiser pursuantto the provisions of sections 339.500 to 339.549;
(25) "Subdivision", a tract of land that has been divided into blocksor plots with streets, roadways, open areas and other facilitiesappropriate to its development as residential, commercial or industrialsites;
(26) "Temporary appraiser licensure or certification", the issuanceof a temporary license or certificate by the commission to a personlicensed or certified in another state who enters this state for thepurpose of completing a particular appraisal assignment.
