Section 08.87.900 - DefinitionsIn this chapter,
(1) "analysis assignment" means an analysis, opinion, or conclusion prepared by a real estate appraiser that relates to the nature, quality, or utility of certified real estate or real property;(2) "appraisal" means an analysis, opinion, or conclusion prepared by a real estate appraiser relating to the nature, quality, value, energy efficiency, or utility of specified interests in, or aspects of, identified real estate, and includes a valuation appraisal, an analysis assignment, and a review assignment;(3) "appraisal assignment" means an engagement for which an appraiser is employed or retained to act, or would be perceived by third parties or the public as acting, as a disinterested person 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;(4) "appraisal management services" includes the performance of any of the following functions on behalf of a lender, financial institution, or other person: (A) administration of an appraiser panel;(B) recruitment, retention, or selection of real estate appraisers for the performance of appraisal services;(C) contracting with real estate appraisers to perform appraisals;(D) review of a completed appraisal before the delivery of the appraisal or review assignment to the person that ordered the appraisal;(5) "appraiser panel" means a group of licensed or certified real estate appraisers who perform appraisals as independent contractors for a real estate appraisal management company;(6) "appraisal report" means any communication, written or oral, of an appraisal;(7) "board" means the Board of Certified Real Estate Appraisers;(8) "borrower" means a person who applies for a mortgage loan;(9) "company" means a real estate appraisal management company required to register under AS 08.87.130 that performs appraisal management services;(10) "controlling person" means a person who(A) owns more than 10 percent of a real estate appraisal management company;(B) is an officer or director of a real estate appraisal management company;(C) is employed and authorized by a real estate appraisal management company to enter into a contractual relationship with another person for the performance of appraisal management services or with a real estate appraiser to perform an appraisal; or(D) has the authority to direct the management or policies of a real estate appraisal management company;(11) "department" means the Department of Commerce, Community, and Economic Development;(12) "general real estate appraiser" means a real estate appraiser certified to appraise all types of real property;(13) "institutional real estate appraiser" means a real estate appraiser employed full-time by a financial institution with offices in the state;(14) "principal dwelling" means a residential structure or mobile home that contains one to four units but does not include a vacation or second home unless the borrower buys or builds a new dwelling that will become the primary location that the borrower inhabits within a year after the purchase or completion of construction;(15) "real estate" means an identified parcel or tract of land, including improvements, but excluding subsurface natural resource values;(16) "real property" means one or more defined interests, benefits, and rights inherent in the ownership of real estate;(17) "residential real estate appraiser" means a real estate appraiser certified to appraise residential real property, subject to the limitations of AS 08.87.100(2);(18) "review assignment" means an analysis, opinion, or conclusion prepared by a real estate appraiser that forms an opinion as to the adequacy and appropriateness of a valuation appraisal or an analysis assignment;(19) "valuation appraisal" means an analysis, opinion, or conclusion prepared by a real estate appraiser that estimates the value of an identified parcel of real estate, or identified real property at a particular time.Amended by SLA 2018, ch. 67,sec. 7, eff. 1/1/2019.