Section Rab 101.01 - Meaning of Terms Used in Rules(a) "Appraisal experience" means work that meets the requirements of Rab 302.01.(b) "Appraisal Foundation" means "the Appraisal Foundation" as defined in RSA 310-B:2, IV, namely, the "The Appraisal Foundation incorporated as an Illinois nonprofit corporation on November 30, 1987. The purposes of The Appraisal Foundation are: (1) To establish and improve uniform appraisal standards by defining, issuing and promoting such standards;(2) To establish appropriate criteria for the certification, licensing, relicensing, and recertification of qualified appraisers by defining, issuing and promoting such qualification criteria; and to disseminate such qualification criteria to states, governmental entities and others; and(3) To develop or assist in the development of appropriate examinations for qualified appraisers."(c) "Appraisal Qualifications Board (AQB)" means that component of the Appraisal Foundation recognized under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) as responsible for developing and disseminating guidelines for use by the various states in establishing the education, experience, and testing requirements for the licensing and certification of appraisers.(d) "Appraisal report" means "appraisal report" or "real estate appraisal report" as those terms are defined in RSA 310-B:2, II.(e) "Appraisal Standards Board (ASB)" means a component of the Appraisal Foundation which is responsible, under FIRREA, for developing and disseminating USPAP, the guidelines for use by the various states in establishing the standards for appraisal practice.(f) "Appraisal Subcommittee" means the federal regulatory subcommittee of the Federal Financial Institutions Examinations Council (FFIEC) whose duties include the promulgation, review, and oversight of all real estate appraisal certifications, standards, and codes embodied in FIRREA and audit of state regulations to ensure that states are enforcing the requirements for real estate appraisers developed by the AQB.(g) "Apprentice" means the real estate appraiser classification, as described in RSA 310-B:6, I(a), consisting of those persons who are in the process of completing the requirements for one of the other classifications of a real estate appraiser in accordance with Rab 300.(h) "Board" means the New Hampshire real estate appraiser board appointed under the provisions of RSA 310-B:4 to exercise supervision over the licensing, certification, and the practice of real estate appraisers.(i) "Cash flow analysis" means a study of the anticipated movement of funds into or out of an investment.(j) "Certificate" means a document issued by the board stating that the individual named thereon has met all the requirements qualifying the individual for certification as a certified residential appraiser or certified general appraiser.(k) "Certified general appraiser" means, "certified general appraiser" as defined in RSA 310-B:2 VIII, namely, "a New Hampshire state certified appraiser who develops and communicates real estate appraisals and who holds a valid certificate or license issued for general real estate appraising under the provisions of this chapter."(l) "Certified residential appraiser" means, "certified residential appraiser" as defined in RSA 310-B:2 VIII, namely, "a New Hampshire state certified appraiser who develops and communicates real estate appraisals and who holds a valid certificate or license issued for residential real estate appraising under the provisions of this chapter."(m) "Commercial" means a type of real property which is used or intended to be used for any purpose other than one to 4 family residential use.(n) "Commercial appraisal" means a real estate appraisal of real property that is used or intended to be used for commercial or industrial purposes.(o) "Distance education" means instruction that occurs when the instructor and student are separated by location, time, or both, and includes but is not limited to computer based training, correspondence courses, internet-based delivery, or any combination of these.(p) "Education" means formal instruction in appraisal practice, theory, principles, standards, methods, techniques, and similar topics, approved by the board pursuant to Rab 302.09, as meeting the requirements for certification, licensing, or continuing education.(q) "Experience" means appraisal activity that provides the individual with required knowledge through personal familiarity and exposure, and which is a condition for licensing or certification pursuant to RSA 310-B:9 and Rab 302.(r) "Feasibility analysis" means a study of the cost-benefit relationship of an endeavor.(s) "Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA)" means the federal law, 12 USC 3331 through 3351, which created a national regulatory system for real estate appraisers with involvement by the Appraisal Subcommittee of FFIEC, the Appraisal Foundation, and the states.(t) "Investment analysis" means a study that reflects the relationship between acquisition price and anticipated future benefits of a real estate investment.(u) "License" means a document issued by the board stating that the individual named thereon has met all the requirements qualifying the individual for licensure as a licensed residential real estate appraiser.(v) "Licensed residential appraiser" means, "licensed residential appraiser" as defined in RSA 310-B:2 VIII, namely, "a New Hampshire state licensed appraiser who develops and communicates real estate appraisals and who holds a valid license issued for residential real estate appraising under the provisions of this chapter."(w) "Market analysis" means a study of real estate market conditions for a specific type of property.(x) "Non-resident" means an individual who is not a legal resident of New Hampshire.(y) "Person" means "person", as defined in RSA 310-B:2 XXII, namely, "an individual, firm, partnership, limited partnership, limited liability company, association, corporation, or other group engaged in joint business activities, however organized".(z) "Practical applications of real estate appraisal (PAREA)" means an alternative to the traditional supervisor and trainee model for residential licensure and certification.(aa) "Property type" means those individual appraisal types necessary to comply with the experience criteria in order to qualify an individual to become a licensed residential real estate appraiser, certified residential real estate appraiser, or a certified general appraiser.(ab) "Real estate appraisal" means the act or process of estimating value, an opinion of value, or pertaining to appraising and related functions, of real estate.(ac) "Residential appraisal" means a real estate appraisal for real property that is used or intended to be used as a residence for one to 4 families including vacant land that is intended to be used as a residence for one to 4 families.(ad) "Review" means the act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment.(ae) "Uniform Standards of Professional Appraisal Practice (USPAP)" means, "uniform standards of professional appraisal practice (USPAP)" as defined in RSA 310-B:2, XXIV, namely, " the current standards of professional appraisal practice, developed for appraisers and users of appraisal services by the Appraisal Standards Board of the Appraisal foundation".N.H. Admin. Code § Rab 101.01
(See Revision Note at chapter heading for Rab 100) #5435, eff 7-15-92; ss by #6787, INTERIM, eff 7-15-98, EXPIRED: 11-12-98
New. #6957, eff 3-23-99; ss by #9016, eff 11-1-07;amd by #10268, eff 2-2-13
Amended by Number 2, Filed January 11, 2024, Proposed by #13824, Effective 2/13/2024.