P.R. Laws tit. 20, § 2301
For the purposes of this chapter, the following terms shall have the meaning stated below, unless otherwise clearly indicated from the context:
(a) Professional real estate appraiser. — The person who after proper investigation and study determines the value of real properties by using locally applicable theories, proceedings and approaches recognized by commentators, authorities and jurisprudence dealing with the subject, and locally applicable.
(b) Board. — The Board of Examiners of Professional Real Estate Appraisers of Puerto Rico.
(c) License of Puerto Rico or License. — The official authorization issued by the Board to practice the profession of professional real estate appraisers in Puerto Rico to those persons that meet the qualifications provided in § 2308 of this title.
(d) Certification. — The official authorization issued by the Board to practice the profession of real estate appraisers in Puerto Rico, pursuant to Title XI of Public Law No. 101-73, “Financial Institutions Reform, Recovery and Enforcement Act of 1989” in all types of real estate transactions in which the federal government has an interest, to those persons who have met the qualifications provided in § 2309a of this title.
(e) Licensed appraiser. — The person who holds a license duly issued by the Board who is authorized to practice as such pursuant to the provisions of this chapter.
(f) Certified appraiser. — The person who holds a federal authorization duly issued by the Board, who is authorized to practice as such pursuant to the provisions of this chapter.
(g) Professional real estate appraiser supervisor. — The same person defined as “professional real estate appraiser” who, in addition to his/her functions and duties, has the function to supervise an assistant.
(h) Credit hour. — Fifty (50) minutes of class from each sixty (60) minutes in class where the minimum time of each educational session is fifteen (15) hours and the person approves the course by passing an exam pertinent to said session.
History —July 31, 1974, No. 277, Part 2, p. 326, § 1; Aug. 14, 1991, No. 62, § 1; Dec. 26, 1997, No. 194, § 1.