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General Laws

Section 173. The following terms as used in sections one hundred and seventy-three to one hundred and ninety-five, inclusive, shall have the following meanings:

“Appraisal assignment”, an engagement for which an appraiser 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 specified interests in, or aspects of, identified real estate.

“Appraisal” or “real estate appraisal”, a written analysis, opinion or conclusion prepared by a real estate appraiser relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real estate. An appraisal may be classified as a valuation or an analysis, or both. 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.

“Appraisal Foundation”, the appraisal foundation incorporated as an Illinois nonprofit corporation on November thirtieth, nineteen hundred and eighty-seven and recognized under the federal Financial Institutions Reform, Recovery and Enforcement Act of 1989.

“Appraisal report”, written report of an appraisal.

“Board”, the board of real estate appraisers established pursuant to the provisions of section ninety-two of chapter thirteen.

“Certified appraisal or certified appraisal report”, a written appraisal or report of a written appraisal given or signed and certified as such by a state-certified general real estate appraiser, state-certified residential real estate appraiser or state-licensed real estate appraiser. When identifying an appraisal or appraisal report as certified, the real estate appraiser shall indicate the type of certification or license held by such appraiser. A certified appraisal or appraisal report shall be deemed to represent to the public that it meets the appraisal standards defined in this chapter.

“Federal Appraisal Subcommittee”, a subcommittee of the Federal Financial Institutions Examinations Council which consists of the designees of the heads of the Federal financial institutions regulatory agencies, pursuant to Title XI, and the designee of Secretary of Housing and Urban Development.

“Real estate”, an identified parcel or tract of land, including improvements, if any.

“Real estate appraisal trainee”, a person who assists state-certified and state-licensed real estate appraisers in real estate appraisals under conditions prescribed by the board and who holds a current, valid license under the provisions of section one hundred and seventy-eight.

“Real property”, one or more defined interests, benefits, and rights inherent in the ownership of real estate.

“Specialized services”, appraisal services which do not fall within the definition of appraisal assignment. The term specialized services may include valuation work and analysis work. Regardless of the intention of the client or employer, if the appraiser reasonably would be perceived by third party or the public as acting as a disinterested third party in rendering an unbiased analysis, opinion or conclusion, the work is classified as an appraisal assignment and not specialized services.

“State-certified general real estate appraiser”, a person who develops and communicates real estate appraisals and who holds a current, valid certificate as a state-certified general real estate appraiser under the provisions of section one hundred and seventy-eight.

“State-certified residential real estate appraiser”, a person who develops and communicates real estate appraisals and who holds a current, valid certificate as a state-certified residential real estate appraiser under the provisions of section one hundred and seventy-eight.

“State-licensed real estate appraiser”, a person who develops and communicates real estate appraisals and who holds a current, valid license as a state-licensed real estate appraiser under the provisions of section one hundred and seventy-eight.

“Title XI”, Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989.

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