Section 230-RICR-30-20-1.2 - DefinitionsA. For the purposes of these rules and regulations, the following terms shall have the following meanings: 1. "Analysis" means the examination or study of real estate or real property other than an estimate of value using an orderly process by which the problem is defined, the work necessary to solve the problem is planned, and the data involved are acquired, classified, analyzed, and interpreted into a final opinion or conclusion.2. "Appraisal" or "Real Estate Appraisal" means a written or oral analysis, opinion and/or conclusion relating to the nature, quality, value and/or utility of specified interests in, or aspects of, Real Estate. An appraisal may be classified by subject matter into either a Valuation or an Analysis as defined in § 1.2 of this Part.3. "Appraisal Foundation" or "Foundation" means the not-for-profit corporation established on November 30, 1987, under the laws of Illinois, and overseen by the ASC in accordance with Title XI of FIRREA, 12 U.S.C. §§ 3331 through 3355.. The mission of the Appraisal Foundation is to promote professionalism in appraising. This is accomplished primarily through the work of two independent Boards, the Appraisal Standards Board ("ASB") and the Appraiser Qualifications Board ("AQB"). The AQB is responsible for the generally recognized performance standards of the appraisal profession, USPAP.4. "Appraisal Process" means a systematic Analysis of the factors that bear upon the value or utility of real estate.5. "AQB" means the Appraiser Qualifications Board, which is part of the Appraisal Foundation. 6. "AQB Real Property Appraiser Qualification Criteria" or "RPAQC" means the criteria promulgated by the AQB of the Appraisal Foundation, as amended and supplemented, that establish the experience, pre-licensing, and continuing education criteria for real estate appraisal licensure and certification. In accordance with R.I. Gen. Laws § 5-20.7-1 et seq., specifically §§5-20.7-4(c)(6), 5-20.7-7, 5-20.7-9, 5-20.7-10, and 5-20.7-17, the examination, education, and experience requirements of certificate and license holders must meet the minimum standards of the Appraisal Foundation, including the RPAQC. 8. "ASB" means the Appraisal Standards Board, which is part of the Appraisal Foundation. 9. "Appraisal Review" means the act or process of developing and communicating an opinion about the quality of another appraiser's work by a Rhode Island licensed or certified appraiser.10. "Appraisal Subcommittee" or "ASC" means the body within the Federal Financial Institutions Examination Council as established by 12 U.S.C. § 3310.11. "Board" means the Real Estate Appraisers Board established pursuant to R.I. Gen. Laws § 5-20.7-1, et seq.12. "Certified Appraisal" 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.13. "Certified General Real Estate Appraiser" means a person qualified to appraise all types of real property without transaction value limitation.14. "Certified Residential Real Estate Appraiser" means a person qualified to appraise non-complex single or multi-family dwellings of one to four ( 1-4) units having no maximum transaction value, or property used for complex one to four ( 1-4) residential units having a transaction value of less than two hundred fifty thousand dollars ($250,000).15. "Complex" means those one to four family residential property appraisals where the property to be appraised, the form of ownership, or the market conditions are atypical.16. "Core Education" or "Core Curriculum" or "Core Courses" means qualifying education courses covering specified subject matters as listed in the current AQB Real Property Qualification Criteria for each appraiser classification. 17. "Department" shall mean the Rhode Island Department of Business Regulation. 18. "Direct supervision" means: a. Personally reviewing the work product of the trainee; b. Approving, signing, and accepting responsibility for each appraisal report that includes the trainee's work product and certifying that such reports have been independently and impartially prepared in compliance with USPAP, these rules, and applicable statutory standards; and c. Indicating, within the certification section of the appraisal report, the name of the trainee providing significant real property appraisal assistance. For purposes of this subparagraph, "significant" means the exercise of appraisal knowledge and training and does not mean clerical or fact gathering tasks.19. "Disciplinary action" means the corrective or punitive action taken by the Department or the Board involving any appraiser, whether formal or informal, consensual or involuntary, resulting in any of the following: revocation or suspension of credential, written consent agreements or orders, administrative penalties or fines, probation, formal reprimand notices or any other restriction on the use of a credential, or voluntary surrender in lieu of disciplinary action. 20. "Dodd-Frank Act" means DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT of 2010, 124 Stat. 1376, 111 P.L. 203, 2010 Enacted H.R. 4173, 111 Enacted H.R. 417321. "FIRREA" means Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended by the Dodd-Frank Act, 12 U.S.C. §§ 3331 through 3355.22. "Licensed Residential Real Estate Appraiser" means a person qualified to appraise non-complex, one to four ( 1-4 ) residential units having a transaction value of less than one million dollars ($1,000,000) and complex, one to four ( 1-4) residential units having a transaction value of less than two hundred fifty thousand dollars ($250,000).23. "Part Time" means working less than thirty-five (35) hours per week in the appraisal profession.24. "Real Estate" means an identified parcel or tract of land, including improvements, if any. 25. "Real Property" means one or more defined interests, benefits, and rights inherent in the ownership of real estate.26. "Residential property" means property that is used for non-complex, single or multi-family dwellings of one to four ( 1-4) units having no minimum transaction value, or property used for complex, one to four ( 1-4) residential units having a transaction value of less than two hundred fifty thousand dollars ($250,000).27. "Residential Property Appraisal" means an appraisal of property that is used for non-complex single or multi-family dwellings of 1-4 units when a net income capitalization analysis is not required by the terms of the assignment and is consistent with applicable federal requirements and guidelines.28. "Supervisory Appraiser" means an individual who is a certified residential appraiser or a certified general appraiser in good standing with the Department and who has acknowledged an agreement in writing to perform the responsibilities of a supervisory appraiser set forth in § 1.9(C) of this Part.29. "Trainee" means a person who has met the educational requirements of the AQB of the Appraisal Foundation and who has been issued a trainee license to complete the experience requirement to become a Licensed or Certified Real Estate Appraiser working under the direct supervision of a certified appraiser.30. "USPAP" means the standards of practice set forth in the Uniform Standards of Professional Appraisal Practice, as promulgated by the Appraisal Standards Board of the Appraisal Foundation, which state certified or licensed real estate appraisers must comply with in accordance with R.I. Gen. Laws § 5-20.7-19. 31. "Valuation" means a written or oral estimate of the value of Real Estate or Real Property.230 R.I. Code R. 230-RICR-30-20-1.2