37-54-102. Definitions. As used in this chapter, unless the context requires otherwise, the following definitions apply:
     (1) "Appraisal" or "real estate appraisal" means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in or aspects of identified real estate.
     (2) "Appraisal assignment" means an appraisal classified by the nature of the assignment as:
     (a) a valuation appraisal, which is an analysis, opinion, or conclusion prepared by a real estate appraiser that estimates the value of an identified parcel of real estate or identified real property at a particular point in time;
     (b) an analysis assignment, which is an analysis, opinion, or conclusion prepared by a real estate appraiser that relates to the nature, quality, or utility of identified real estate or identified real property; or
     (c) a review assignment, which is an analysis, opinion, or conclusion prepared by a real estate appraiser that forms an opinion as to the adequacy and appropriateness of a valuation appraisal.
     (3) "Appraisal foundation" means the appraisal foundation incorporated as an Illinois not-for-profit corporation on November 30, 1987. The purposes of the appraisal foundation are to:
     (a) establish and improve uniform appraisal standards by defining, issuing, and promoting those standards;
     (b) establish appropriate criteria for the certification and recertification of qualified appraisers by defining, issuing, and promoting qualification criteria and disseminate the qualification criteria to states and other governmental entities; and
     (c) develop or assist in the development of appropriate examinations for qualified appraisers.
     (4) "Appraisal report" means a written or oral communication of a real estate appraisal. An appraisal report for a federally related transaction must be in writing. An appraisal report may be classified by the nature of the assignment as a "valuation report", an "analysis report", or a "review report". For the purposes of this chapter, testimony of a licensed or certified real estate appraiser dealing with the appraiser's analyses, opinions, or conclusions concerning identified real estate or identified real property is considered an oral appraisal report.
     (5) "Board" means the board of real estate appraisers provided for in 2-15-1868.
     (6) "Certified appraisal report" means an appraisal or appraisal report given or signed and certified by a certified real estate appraiser. When identifying an appraisal or appraisal report as "certified", the certified real estate appraiser shall indicate the class of certification the appraiser holds.
     (7) "Certified real estate appraiser" means a person who develops and communicates real estate appraisals and who has a valid real estate appraisal certificate issued under 37-54-305.
     (8) "Department" means the department of commerce provided for in 2-15-1801.
     (9) "Independent appraisal service" means an engagement for which a person is employed or retained to act, or would be perceived by a third party or the public as acting, as a disinterested third party in rendering an unbiased analysis, opinion, or conclusion relating to the nature, quality, value, or utility of identified real estate or identified real property.
     (10) "Licensed real estate appraiser" means a person who holds a current valid real estate appraiser license issued under 37-54-201.
     (11) "Real estate" means an identified parcel or tract of land, including any improvements on the land.
     (12) "Real property" means one or more defined interests, benefits, and rights inherent in the ownership of real estate.

     History: En. Sec. 2, Ch. 409, L. 1991.