RSA 310-B:2 · Definitions

310-B:2 Definitions. – In this chapter:

Copy link

I.

"Analysis" means a study of real estate or real property other than estimating value. II."Appraisal report"or"real estate appraisal report"means a written statement prepared by a licensed or certified appraiser, whether or not used in connection with a federally-related transaction under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, setting forth an opinion of defined value of an adequately described property as of a specific date, supported by the presentation and analysis of relevant market information. Nothing in this paragraph shall be interpreted to affect the right of any person to provide services under RSA 310-B:3, II, III, or IV.

Copy link

III.

"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 or specified interests in, or aspects of, identified real estate.

Copy link

IV.

"Appraisal Foundation" means the Appraisal Foundation incorporated as an Illinois nonprofit corporation on November 30, 1987. The purposes of the Appraisal Foundation are:

Copy link

(a)

To establish and improve uniform appraisal standards by defining, issuing and promoting such standards.

Copy link

(b)

To establish appropriate criteria for the certification, licensing, relicensing, and recertification of qualified appraisers by defining, issuing and promoting such qualification criteria; and to disseminate such qualification criteria to states, governmental entities and others.

Copy link

(c)

To develop or assist in the development of appropriate examinations for qualified appraisers.

Copy link

V.

[Repealed.]

Copy link

VI.

"Board" means the real estate appraiser board established pursuant to the provisions of this chapter.

Copy link

VII.

"Certified residential appraisal," "certified general appraisal," "licensed residential appraisal," "certified residential appraisal report," "certified general appraisal report," or "licensed residential appraisal report" means a written appraisal or appraisal report signed by a state licensed or certified real estate appraiser. All real estate appraisers shall identify which license or certificate they hold. An appraisal signed by a certified or licensed real estate appraiser represents to the public that the appraisal meets the appraisal standards defined in this chapter.

Copy link

VIII.

"Certified residential real estate appraiser," "certified general real estate appraiser," or "licensed residential real estate appraiser" means a New Hampshire state certified or licensed appraiser who develops and communicates real estate appraisals and who holds a valid certificate or license issued for either general or residential real estate appraising under the provisions of this chapter.

Copy link

IX.

"Federally-related transaction" means any transaction which:

Copy link

(a)

A federal financial institution's regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and

Copy link

(b)

Requires the services of an appraiser.

Copy link

X.

"Federal financial institutions regulatory agencies" means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.

Copy link

XI.

"Financial institution" means an insured depository institution as defined is section 1813 of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 or an insured credit union as defined in section 1752 of such title.

Copy link

XII.

"Real estate" means an identified parcel or tract of land, including improvements, if any.

Copy link

XIII.

"Real estate related financial transaction" means any transaction involving:

Copy link

(a)

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

Copy link

(b)

The refinancing of real property or interests in real property; and

Copy link

(c)

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

Copy link

XIV.

"Real property" means one or more defined interests, benefits, and rights inherent in the ownership of real estate.

Copy link

XV.

"Valuation" means an estimate of the value of real estate or real property.

Copy link

XVI.

"Appraisal" means the practice of developing an opinion of the value of real property in conformance with the Uniform Standards for Professional Appraisal Practice as developed by the Appraisal Foundation.

Copy link

XVII.

[Repealed.]

Copy link

XVIII.

"Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment, except that a quality control examination of an appraisal report shall not be an appraisal review.

Copy link

XIX.

"Appraiser" means an individual who holds a license or certification as an appraiser and is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.

Copy link

XX.

[Repealed.]

Copy link

XXI.

"Controlling person" means:

Copy link

(a)

An officer director, or owner of greater than a 10 percent interest, of a corporation, partnership or other business entity, seeking to act as an appraisal management company in this state; or

Copy link

(b)

An individual employed, appointed, or authorized by an appraisal management company that has the authority to enter into a contractual relationship with other persons for the performance of services requiring registration as an appraisal management company and has the authority to enter into agreements with appraisers for the performance of appraisals; or

Copy link

(c)

An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company.

Copy link

XXII.

"Person"means an individual, firm, partnership, limited partnership, limited liability company, association, corporation, or other group engaged in joint business activities, however organized.

Copy link

XXIII.

"Quality control examination" means an examination of an appraisal report for compliance and completeness including grammatical, typographical, or other similar errors.

Copy link

XXIV.

"Uniform Standards of Professional Appraisal Practice" (USPAP) means the current standards of the appraisal profession, developed for appraisers and users of appraisal services by the Appraisal Standards Board of the Appraisal Foundation. Source. 1990, 167:3. 1991, 308:1-3. 1994, 215:1. 2006, 318:2, 12, I. 2012, 164:1, 2, eff. Aug. 6, 2012. 2017, 148:3, I, II, eff. Aug. 15, 2017.

Copy link