§ 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 of specified interests in, or aspects of, identified real estate. An appraisal may be 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 estimating value.
(2) “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:
(i) To establish and improve uniform appraisal standards by defining, issuing, and promoting such standards;
(ii) To establish appropriate criteria for the certification, licensing, and recertification of qualified appraisers by defining, issuing, and promoting that qualification criteria; to disseminate that qualification criteria to states, governmental entities, and others; and
(iii) To develop or assist in the development of appropriate examinations for qualified appraisers.
(3) “Appraisal report” means any communication, written or oral, of an appraisal.
(4) “Board” means the real-estate appraisal board established pursuant 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 by a state-certified real estate appraiser or state-licensed real estate appraiser. When identifying an appraisal or appraisal report as “certified,” the state-certified real estate appraiser shall indicate on it whether he or she has been licensed or certified as a residential or general state-certified real estate appraiser. A certified appraisal or appraisal report represents to the 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 of business regulation.
(8) “Real estate” means an identified parcel or tract of land, 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 person who develops and communicates real estate reports and who holds a current, valid certificate issued to them for either general or residential real estate under the provisions of this chapter. A duly certified appraiser is not required to hold a real estate broker’s or salesperson’s license under chapter 20.5 of this title.
(11) “State-licensed real estate appraiser” means a person who develops and communicates real estate appraisal reports and who holds a current, valid license issued to them for residential real estate under the provisions of this chapter. A duly licensed appraiser is not required to hold a real estate broker’s or salesperson’s license under chapter 20.5 of this title.
History of Section.
P.L. 1990, ch. 424, § 1; P.L. 1992, ch. 275, § 1; P.L. 2023, ch. 163, § 1, effective
June 20, 2023; P.L. 2023, ch. 164, § 1, effective June 20, 2023.