§ 5-20.7-2 Definitions. – When used in this chapter, unless the context indicates otherwise:
(1) "Appraisal" or "real estate appraisal" means an analysis,opinion, or conclusion relating to the nature, quality, value or utility ofspecified interests in, or aspects of, identified real estate. An appraisal maybe classified by subject matter into either a valuation or an analysis. A"valuation" is an estimate of the value of real estate or real property. An"analysis" is a study of real estate or real property other than estimatingvalue.
(2) "Appraisal Foundation" means the Appraisal Foundationincorporated as an Illinois not for profit corporation on November 30, 1987.The purposes of the Appraisal Foundation are:
(i) To establish and improve uniform appraisal standards bydefining, issuing, and promoting such standards;
(ii) To establish appropriate criteria for the certification,licensing and recertification of qualified appraisers by defining, issuing, andpromoting that qualification criteria; to disseminate that qualificationcriteria to states, governmental entities, and others; and
(iii) To develop or assist in the development of appropriateexaminations for qualified appraisers.
(3) "Appraisal report" means any communication, written ororal, of an appraisal.
(4) "Board" means the real estate appraisal board establishedpursuant to the provisions of this chapter.
(5) "Certified appraisal" or "certified appraisal report"means an appraisal or appraisal report given or signed and certified as such bya state certified real estate appraiser or state licensed real estateappraiser. When identifying an appraisal or appraisal report as "certified",the state certified real estate appraiser shall indicate on it whether he orshe has been licensed or certified as a residential or general state certifiedreal estate appraiser. A certified appraisal or appraisal report represents tothe public that it meets the appraisal standards defined in this chapter.
(6) "Department" means the department of business regulation.
(7) "Director" means the director of the department ofbusiness regulation.
(8) "Real estate" means an identified parcel or tract ofland, including improvements, if any.
(9) "Real property" means one or more defined interests,benefits, and rights inherent in the ownership of real estate.
(10) "State certified real estate appraiser" means a personwho develops and communicates real estate appraisals and who holds a currentvalid certificate issued to him or her for either general or residential realestate under the provisions of this chapter. A duly certified appraiser is notrequired to hold a real estate broker's or salesperson's license under chapter20.5 of this title.
§ 5-20.7-2 Definitions. – When used in this chapter, unless the context indicates otherwise:
(1) "Appraisal" or "real estate appraisal" means an analysis,opinion, or conclusion relating to the nature, quality, value or utility ofspecified interests in, or aspects of, identified real estate. An appraisal maybe classified by subject matter into either a valuation or an analysis. A"valuation" is an estimate of the value of real estate or real property. An"analysis" is a study of real estate or real property other than estimatingvalue.
(2) "Appraisal Foundation" means the Appraisal Foundationincorporated as an Illinois not for profit corporation on November 30, 1987.The purposes of the Appraisal Foundation are:
(i) To establish and improve uniform appraisal standards bydefining, issuing, and promoting such standards;
(ii) To establish appropriate criteria for the certification,licensing and recertification of qualified appraisers by defining, issuing, andpromoting that qualification criteria; to disseminate that qualificationcriteria to states, governmental entities, and others; and
(iii) To develop or assist in the development of appropriateexaminations for qualified appraisers.
(3) "Appraisal report" means any communication, written ororal, of an appraisal.
(4) "Board" means the real estate appraisal board establishedpursuant to the provisions of this chapter.
(5) "Certified appraisal" or "certified appraisal report"means an appraisal or appraisal report given or signed and certified as such bya state certified real estate appraiser or state licensed real estateappraiser. When identifying an appraisal or appraisal report as "certified",the state certified real estate appraiser shall indicate on it whether he orshe has been licensed or certified as a residential or general state certifiedreal estate appraiser. A certified appraisal or appraisal report represents tothe public that it meets the appraisal standards defined in this chapter.
(6) "Department" means the department of business regulation.
(7) "Director" means the director of the department ofbusiness regulation.
(8) "Real estate" means an identified parcel or tract ofland, including improvements, if any.
(9) "Real property" means one or more defined interests,benefits, and rights inherent in the ownership of real estate.
(10) "State certified real estate appraiser" means a personwho develops and communicates real estate appraisals and who holds a currentvalid certificate issued to him or her for either general or residential realestate under the provisions of this chapter. A duly certified appraiser is notrequired to hold a real estate broker's or salesperson's license under chapter20.5 of this title.
§ 5-20.7-2 Definitions. – When used in this chapter, unless the context indicates otherwise:
(1) "Appraisal" or "real estate appraisal" means an analysis,opinion, or conclusion relating to the nature, quality, value or utility ofspecified interests in, or aspects of, identified real estate. An appraisal maybe classified by subject matter into either a valuation or an analysis. A"valuation" is an estimate of the value of real estate or real property. An"analysis" is a study of real estate or real property other than estimatingvalue.
(2) "Appraisal Foundation" means the Appraisal Foundationincorporated as an Illinois not for profit corporation on November 30, 1987.The purposes of the Appraisal Foundation are:
(i) To establish and improve uniform appraisal standards bydefining, issuing, and promoting such standards;
(ii) To establish appropriate criteria for the certification,licensing and recertification of qualified appraisers by defining, issuing, andpromoting that qualification criteria; to disseminate that qualificationcriteria to states, governmental entities, and others; and
(iii) To develop or assist in the development of appropriateexaminations for qualified appraisers.
(3) "Appraisal report" means any communication, written ororal, of an appraisal.
(4) "Board" means the real estate appraisal board establishedpursuant to the provisions of this chapter.
(5) "Certified appraisal" or "certified appraisal report"means an appraisal or appraisal report given or signed and certified as such bya state certified real estate appraiser or state licensed real estateappraiser. When identifying an appraisal or appraisal report as "certified",the state certified real estate appraiser shall indicate on it whether he orshe has been licensed or certified as a residential or general state certifiedreal estate appraiser. A certified appraisal or appraisal report represents tothe public that it meets the appraisal standards defined in this chapter.
(6) "Department" means the department of business regulation.
(7) "Director" means the director of the department ofbusiness regulation.
(8) "Real estate" means an identified parcel or tract ofland, including improvements, if any.
(9) "Real property" means one or more defined interests,benefits, and rights inherent in the ownership of real estate.
(10) "State certified real estate appraiser" means a personwho develops and communicates real estate appraisals and who holds a currentvalid certificate issued to him or her for either general or residential realestate under the provisions of this chapter. A duly certified appraiser is notrequired to hold a real estate broker's or salesperson's license under chapter20.5 of this title.
