Current with changes from the 2024 legislative session effective on or before 7/1/2024, from Acts 2,3, 6-535, and 580-647
Section 37:3392 - DefinitionsAs used in this Chapter, the following words have the meaning ascribed to them in this Section:
(1) "Appraisal" or "real estate appraisal" means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects, including energy efficiency, of, identified real estate, for or in expectation of compensation.(2) "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 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. Compensation for appraisal assignments may not include any contingency fee based on the results of the appraisal assignment.(3) "Appraisal report" means any communication, written or oral, of an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects, including energy efficiency, of, identified real estate.(4) "AQB" means the Appraiser Qualifications Board of TAF created in accordance with Title XI of FIRREA. The AQB develops, interprets, and amends the Real Property Appraiser Qualification Criteria.(5) "ASB" means the Appraisal Standards Board of TAF created in accordance with Title XI of FIRREA. The ASB develops, promulgates, interprets, and amends USPAP.(6) "ASC" means the Appraisal Subcommittee created in accordance with Title XI of FIRREA and organized and subject to the Federal Financial Institutions Examination Council, or its successor, according to the Financial Institutions Regulatory and Interest Rate Control Act of 1978.(7) "Board" means the Louisiana Real Estate Appraisers Board established pursuant to the provisions of this Chapter.(8) "Broker price opinion/comparative market analysis" means an analysis of recent sales of similar properties by a real estate salesperson or broker to derive an indication of the probable sales price of a particular property for the salesperson's or broker's principal.(9) "Certified general appraiser" means any person licensed by the board to appraise all types of real estate regardless of complexity or transaction value.(10)(a) "Certified residential appraiser" means any person licensed by the board to appraise the following:(i) One to four residential units without regard to value or complexity.(ii) All other real or immovable property, which is the subject of an appraisal involving or having a market value of five hundred thousand dollars or less.(b) The authority of a "certified residential appraiser" includes but is not limited to the authority to appraise vacant or unimproved land utilized for the purposes of one to four family residential units or for which the highest and best use is for one to four family residential units; however, such authority shall not include the authority to appraise any subdivision for which a development analysis or development appraisal is necessary.(11) "Commission" means the Louisiana Real Estate Commission.(12) "Complex one to four unit residential property appraisal" means an appraisal in which the property to be appraised, the form of ownership, or the market conditions are atypical.(13) "Federal financial institutions 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 National Credit Union Administration.(14) "FIRREA" means the Financial Institution Reform, Recovery and Enforcement Act of 1989, as enacted under federal law, and specifically includes but is not limited to Title XI, requiring real estate appraisals used in connection with federally related transactions to comply with uniform standards and to be prepared by credentialed real property appraisers.(15) "In good standing" means the status of a licensee who has complied with all explicit license obligations thereby having unabated authority to conduct license activities.(16) "Licensed residential appraiser" means any person licensed by the board whose authority to appraise real property is limited to the appraisal of noncomplex one to four residential units having a transaction value of less than one million dollars and of complex one to four residential units having a transaction value of less than four hundred thousand dollars in accordance with the Real Property Appraiser Qualification Criteria. For the purposes of this Paragraph, "transaction value" means market value for nonfederally related transaction appraisals.(17) "Licensee" means any person who has been issued a license by the board to participate in any appraisal activity described in this Chapter.(18) "Market value" means a value stated as an opinion, which presumes the transfer of real property as of a certain date and subject to specific conditions set forth in the value definition identified by an appraiser as applicable to an appraisal.(19) "PAREA" means or refers to any Practical Applications of Real Estate Appraisal training program created or implemented in accordance with the Real Property Appraiser Qualification Criteria developed and approved by the AQB, to provide an alternate pathway for applicants to obtain licensure as a licensed residential appraiser or as a certified residential appraiser without training as a trainee appraiser, subject to the direct control and supervision of a supervisory appraiser.(20) "Real property" or "real estate" means immovable property as defined by Civil Code Article 462 et seq.(21) "Real Property Appraiser Qualification Criteria" means the qualifying criteria regarding the minimum education, experience, and examination requirements for real estate appraisers, as established by the AQB.(22) "Supervisory appraiser" means a certified residential appraiser or certified general appraiser registered by the board to supervise one or more trainee appraisers and who satisfies the applicable minimum qualifications required by the Real Property Appraiser Qualification Criteria including but not limited to the following:(a) The supervisory appraiser shall have been licensed and in good standing with any competent appraisal licensing jurisdiction for at least three years.(b) The supervisory appraiser shall not have been subject to any disciplinary action within any jurisdiction, that affected the appraiser's legal eligibility to engage in the appraisal practice, within the last three years.(c) The supervisory appraiser shall not be registered at any one time to supervise more than three trainee appraisers.(d) Prior to his supervision of any trainee appraiser, the supervisory appraiser shall register on a form and in a manner prescribed by the board for each trainee appraiser supervised.(23) "TAF" means The Appraisal Foundation created in accordance with Title XI of FIRREA.(24) "Trainee appraiser" means any person registered by the board and authorized to appraise properties under the supervision of a licensed general real estate appraiser or residential real estate appraiser.(25) "Transaction value" means the following in accordance with Title XI of FIRREA: (a) For loans or other extensions of credit, the amount of the loan or extension of credit.(b) For sales, leases, purchases, and investments in or exchanges of real property, the market value of the real property interest involved.(c) For the pooling of loans or interests in real property for resale or purchase, the amount of the loan or market value of the real property calculated with respect to each such loan or interest in real property.(26) "USPAP" means the Uniform Standards of Professional Appraisal Practice, which establishes the minimum requirements applicable to appraisers for the purpose of promoting and maintaining public trust in the appraisal practice, as implemented and periodically amended by the ASB.Acts 1987, No. 472, §1; Acts 1990, No. 740, §§1, 2; Acts 1991, No. 412, §1; Acts 1995, No. 690, §2; Acts 2001, No. 833, §2; Acts 2001, No. 888, §1; Acts 2003, No. 341, §§1 and 3; Acts 2010, No. 504, §1; Acts 2014, No. 213, §1; Acts 2019, No. 37, §1; Acts 2022, No. 547, §§1, 2, eff. June 17, 2022.Amended by Acts 2022, No. 547,s., eff. 6/17/2022.Amended by Acts 2022, No. 547,s. 1, 2, eff. 6/17/2022.Amended by Acts 2019, No. 37,s. 1, eff. 8/1/2019.Amended by Acts 2014, No. 213,s. 1, eff. 8/1/2014.Acts 1987, No. 472, §1; Acts 1990, No. 740, §§1, 2; Acts 1991, No. 412, §1; Acts 1995, No. 690, §2; Acts 2001, No. 833, §2; Acts 2001, No. 888, §1; Acts 2003, No. 341, §§1 and 3; Acts 2010, No. 504, §1.