§ 93E-1-4. Definitions. - North Carolina Statutes

§ 93E‑1‑4. Definitions.

When used in this Chapter,unless the context otherwise requires, the term:

(1)        "Appraisal"or "real estate appraisal" means an analysis, opinion, or conclusionas to the value of identified real estate or specified interests thereinperformed for compensation or other valuable consideration.

(2)        "Appraisalassignment" means an engagement for which an appraiser is employed orretained to act, or would be perceived by third parties or the public asacting, as a disinterested third party in rendering an unbiased appraisal.

(3)        "AppraisalBoard" or "Board" means the North Carolina Appraisal Boardestablished under G.S. 93E‑1‑5.

(4)        "AppraisalFoundation" or "Foundation" means The Appraisal Foundationestablished on November 20, 1987, as a not‑for‑profit corporationunder the laws of Illinois.

(5)        "Appraisalreport" means any communication, written or oral, of an appraisal.

(6)        "Certificate"means that document issued by the North Carolina Appraisal Board evidencingthat the person named therein has satisfied the requirements for certificationas a certified real estate appraiser and bearing a certificate number assignedby the Board.

(7)        "Certificateholder" means a person certified by the Board under the provisions of thisChapter.

(7a)      "Certifiedgeneral real estate appraiser" means a person who holds a current, validcertificate as a certified general real estate appraiser issued under theprovisions of this Chapter.

(7b)      "Certifiedresidential real estate appraiser" means a person who holds a current,valid certificate as a certified residential real estate appraiser issued underthe provisions of this Chapter.

(7c)      "Comparativemarket analysis" means the analysis of sales of similar recently soldproperties in order to derive an indication of the probable sales price of aparticular property by a licensed real estate broker.

(8)        "License"means that document issued by the North Carolina Appraisal Board evidencingthat the person named therein has satisfied the requirements for licensure as alicensed real estate appraiser and bearing a license number assigned by theBoard.

(8a)      "Licensedresidential real estate appraiser" means a person who holds a current,valid license as a licensed residential real estate appraiser issued under theprovisions of this Chapter.

(9)        "Licensee"means a person licensed by the Board under the provisions of this Chapter.

(10)      "Realestate" or "real property" means land, including the air aboveand ground below and all appurtenances and improvements thereto, as well as anyinterest or right inherent in the ownership of land.

(11)      "Real estateappraiser" or "appraiser" means a person who for a fee orvaluable consideration develops and communicates real estate appraisals orotherwise gives an opinion of the value of real estate or any interest therein.

(12)      "Real estateappraising" means the practice of developing and communicating real estateappraisals.

(13)      "Residentialreal estate" means any parcel of real estate, improved or unimproved, thatis exclusively residential in nature and that includes or is intended toinclude a residential structure containing not more than four dwelling unitsand no other improvements except those which are typical residentialimprovements that support the residential use for the location and propertytype. A residential unit in a condominium, town house, or cooperative complex,or planned unit development is considered to be residential real estate.

(14)      through (16) Repealedby Session Laws 2007‑506, s. 4, effective October 1, 2007.

(17)      "Temporaryappraiser licensure or certification" means the issuance of a temporarylicense or certificate by the Board to a person licensed or certified inanother state who enters this State for the purpose of completing a particularappraisal assignment.

(18)      "Trainee","registered trainee", or "trainee real estate appraiser"means a person who holds a current, valid registration as a trainee real estateappraiser issued under the provisions of this Chapter.

(19)      "Traineeregistration" or "registration as a trainee" means the documentissued by the North Carolina Appraisal Board evidencing that the person namedtherein has satisfied the requirements of registration as a trainee real estateappraiser and bearing a registration number assigned by the Board. (1993, c. 419, s. 6; 1995, c.482, s. 4; 2001‑399, s. 1; 2007‑506, s. 4.)