58-4102. Definitions. - Kansas Statutes

58-4102

Chapter 58.--PERSONAL AND REAL PROPERTY Part 6.--MISCELLANEOUS PROVISIONS Article 41.--REAL ESTATE APPRAISERS

      58-4102.   Definitions.As used in this act:

      (a)   "Appraisal" or "real estate appraisal" means an analysis, opinion orconclusion prepared by a real estate appraiser relating to the nature,quality, value or utility of specified interests in, or aspects of,identified real estate. An appraisal may be classified by subject matterinto either a valuation or ananalysis. A valuation is an estimate of the value of real estate or realproperty. An analysis is a study of real estate or real property other thanestimating value.

      (b)   "Appraisal assignment" means an engagement for which an appraiser isemployed or retained to act, or would be perceived by third parties or thepublic as acting, as a disinterested party in rendering an unbiasedanalysis, opinion or conclusion relating to the nature, quality, value orutility of specified interests in, or aspects of, identified real estate.

      (c)   "Broker's price opinion" and "comparative market analysis" means ananalysis, opinion or conclusion prepared by an individual licensed as a realestate broker or salesperson pursuant to K.S.A. 58-3034 et seq., and amendmentsthereto, relating to the price of specified interests in or aspects ofidentified real estate property that is provided to a potential customer,client or third party in the ordinary course of business.

      (d)   "Board" means the real estate appraisal board establishedpursuantto the provisions of this act.

      (e)   "Federal law" means title XI of the financialinstitutions reform,recovery and enforcement act of 1989 (12 U.S.C. 3331 et seq.) andany other federal law, and any regulations adopted pursuant thereto.

      (f)   "Federally related transaction" means any realestate-relatedfinancial transaction which: (1) A federal financial institutions regulatoryagency or the resolution trust corporation engages in, contracts for orregulates; and (2) requires the services of an appraiser.

      (g)   "Real estate" means an identified parcel or tract ofland, including improvements, if any.

      (h)   "Real estate appraisal organization" means anynationally recognized organization of professional appraisers.

      (i)   "Real estate-related financial transaction" means anytransactioninvolving: (1) The sale, lease, purchase, investment in or exchange of realproperty, including interests in property or the financing thereof; (2) therefinancing of real property or interests in real property; (3) theuse of real property or interests in property as security for a loan orinvestment, including mortgage-backed securities; or (4) a federally relatedtransaction.

      (j)   "Real property" means one or more defined interests,benefits andrights inherent in the ownership of real estate.

      (k)   "Specialized services" means those appraisal serviceswhich do notfall within the definition of appraisal assignment. Specified services mayinclude valuation work and analysis work. Regardless of the intention ofthe client or employer, if the appraiser would be perceived by thirdparties or the public as acting as a disinterested party in renderingan unbiased analysis, opinion or conclusion, the work is classified as anappraisal assignment and not specialized services.

      (l)   A "state certified appraiser" means a person whodevelops and communicates real estate appraisals and who holds a current,valid certificate issued to such personunder the provisions of this act.

      (m)   A "state licensed appraiser" means a person whodevelops and communicates real estate appraisals and holds a current, validlicense issued to such person under the provisions of this act.

      (n)   "Written appraisal" means a written statement used inconnection with a real estate-related financialtransaction that is independently and impartially prepared by a licensed orcertified appraiser setting forth an opinion of defined value of an adequatelydescribed property as of a specific date, supported bypresentation and analysis of relevant market information.

      (o)   "Appraiser" means a person who develops and communicates real estateappraisals for real estate-related financial transactions and holds a currentvalid certification or license issued to such person under the provisions ofK.S.A. 58-4101 et seq., and amendments thereto.

      History:   L. 1990, ch. 270, § 2;L. 1991, ch. 164, § 2;L. 1993, ch. 267, § 1;L. 2008, ch. 153, § 2; July 1.