Oregon Statutes - Chapter 674 - Real Estate Appraisers and Appraisal - Section 674.010 - Definitions.

For purposes of this chapter:

(1) “Appraisal Foundation” means the Appraisal Foundation established on November 30, 1987, as a not-for-profit corporation under the laws of Illinois.

(2) “Appraisal Subcommittee” means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council established pursuant to the federal Act.

(3) “Board” means the Appraiser Certification and Licensure Board established under ORS 674.305.

(4) “Federal Act” means Title XI of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. 3310 et seq.).

(5) “Federal financial institution regulatory agency” means:

(a) The Board of Governors of the Federal Reserve System;

(b) The Federal Deposit Insurance Corporation;

(c) The Office of the Comptroller of the Currency;

(d) The Office of Thrift Supervision; or

(e) The National Credit Union Administration.

(6) “Federally related transaction” means any real estate-related financial transaction that:

(a) A federal financial institution regulatory agency or the Resolution Trust Corporation engages in, contracts for or regulates; and

(b) Requires the services of an appraiser.

(7) “Financial institution” means an insured depository institution as defined in section 3 of the Federal Deposit Insurance Act or an insured credit union as defined in section 101 of the Federal Credit Union Act.

(8) “Mortgage banker” has the meaning given that term in ORS 59.840.

(9) “Professional real estate activity” has the meaning given that term in ORS 696.010.

(10) “Real estate appraisal activity” means the activity described in ORS 674.100.

(11) “Real estate-related financial transaction” means any transaction involving:

(a) The sale, lease, purchase, investment in or exchange of real property, including interests in real property, or the financing thereof;

(b) The refinancing of real property or interests in real property; and

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

(12) “State certified appraiser” means an individual who has been certified as a state certified appraiser under ORS 674.310.

(13) “State licensed appraiser” means an individual who has been licensed as a state licensed appraiser under ORS 674.310.

(14) “State registered appraiser assistant” means an individual who has been registered as a state registered appraiser assistant under ORS 674.310. [1991 c.5 §2; 1993 c.465 §2; 1993 c.508 §41; 1993 c.744 §217; 2005 c.254 §1]

Section:  674.010  674.020  674.100  674.105  674.120  674.130  674.140  674.150  674.160  674.170  674.305  674.310  674.320  674.330  674.340  Next

Last modified: August 7, 2008