§ 36.1. Definitions.

 The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

   AQB—The Appraiser Qualifications Board of the Appraisal Foundation.

   Act—The Real Estate Appraisers Certification Act (63 P. S. § §  457.1—457.19).

   Ad valorem tax appraisal—Valuation for tax purposes involving the appraisal of real estate, its analysis, opinions and conclusions regarding taxation.

   Applicant—A natural person.

   Appraisal—A written analysis, opinion or conclusion relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real property, for or in expectation of compensation.

   Appraisal review—An analysis of a completed appraisal report to determine if it conforms to specific requirements and guidelines and to insure that the report is consistent and mathematically correct.

   Board—The State Board of Certified Real Estate Appraisers of the Commonwealth.

   Certified broker/appraiser—A person who holds a certificate issued under authority of section 6(a)(3) of the act (63 P. S. §  457.6(a)(3)) and who is authorized to perform appraisals of all types of real property in non-Federally-related transactions.

   Certified general real estate appraiser—A person who holds a certificate issued under authority of section 6(a)(2) and (e) of the act and §  36.12 (relating to qualifications for certification as general real estate appraiser) and who is authorized to perform appraisals of all types of real property in all transactions, whether Federally-related or non-Federally-related.

   Certified real estate appraiser—A certified broker/appraiser, certified residential real estate appraiser or certified general real estate appraiser.

   Certified residential real estate appraiser—A person who holds a certificate issued under authority of section 6(a)(1) and (d) of the act and §  36.11 (relating to qualifications for certification as residential real estate appraiser) and who is authorized to perform appraisals of residential properties of one-to-four dwelling units in all transactions, whether Federally-related or non-Federally-related.

   Distance education—An educational process based on the geographical separation of the learner and instructor, which provides interaction between the learner and instructor and includes testing. Examples include CD or DVD ROM, on-line learning, correspondence courses, video conferencing, and video and remote television courses.

   FIRREA—The Financial Institutions Reform, Recovery and Enforcement Act of 1989, the act of August 9, 1989 (Pub. L. 101-73, 103 Stat. 183).

   Feasibility analysis—A study of the cost-benefit relationship of an economic endeavor.

   Federally-related transaction—A real estate-related financial transaction which a Federal financial institution regulatory agency or the Resolution Trust Corporation engages in, contracts for or regulates, and which requires the services of an appraiser.

   Highest and best use analysis—A study which represents the reasonable and probable use that results in the highest present value of the land or improved property after considering all legally permissible, physically possible and economically feasible uses.

   IDECC—International Distance Education Certification Center.

   Real estate counseling—Providing, for a fee, disinterested and unbiased advice, professional guidance and judgment in the broad field of real estate, involving all segments of the business, including marketing, leasing, managing, planning, financing, appraising, providing testimony and other similar services. Real estate counseling is a specialty area in which the counselor clearly identifies the real estate problem to be solved, determines the most satisfactory solutions and, where appropriate, follows through on the implementation.

   Real estate-related financial transaction—A transaction involving the following:

     (i)   Sale, lease, purchase, investment in or exchange of real property, including interests in property or the financing thereof.

     (ii)   Refinancing of real property or interests in real property.

     (iii)   Use of real property or interests in property as security for a loan or investment, including mortgage-backed securities.

   Review appraiser—A person who performs an appraisal review.

   USPAP—The Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Standards Board of the Appraisal Foundation.

   The provisions of this §  36.1 issued under sections 5(2), 6(h) and 10(b) of the Real Estate Appraisers Certification Act (63 P. S. § §  457.5(2), 457.6(h) and 457.10(b)); amended under sections 5(2), 6(f) and 10(b) of the Real Estate Certification Act (63 P. S. § §  457.5(2), 457.6(f) and 457.10(b)); and sections 3, 4(d) and 12 of the Assessors Certification Act (63 P. S. § §  458.3, 458.4(d) and 458.12).

   The provisions of this §  36.1 adopted July 24, 1992, effective July 25, 1992, 22 Pa.B. 3864; amended December 3, 1993, effective December 4, 1993, 23 Pa.B. 5713; amended July 20, 2007, effective July 21, 2007, 37 Pa.B. 3367. Immediately preceding text appears at serial pages (201914) to (201915).