KRS 324A.010: Definitions for KRS 324A.010 to 324A.100.

As used in KRS 324A.010 to 324A.100, unless the context requires otherwise:

(1) "Appraisal" means an oral, written, or electronic communication of any type or

nature which is independently and impartially prepared by a licensed or certified

appraiser setti ng forth an analysis, opinion, or conclusion relating to the nature,

quality, value, or utility of specified interests in, or aspects of, identified real

property, as of a specified date, for or in expectation of compensation;

(2) "Appraisal assignment" me ans an engagement for which an appraiser is employed

or retained to act, or would be perceived by other parties or the public as acting, as

a third party in rendering an unbiased real property appraisal;

(3) "Appraisal management company" has the same meaning as in KRS 324A.150;

(4) "Appraisal report" means any communication, written, oral, or electronic conveying

a real property appraisal, and all other reports communicating an appraisal analysis,

opinion, or conclusion;

(5) "Board" means the Real Property Appraisers Board created in KRS 324A.015;

(6) "Certificate holder or licensee" means a person certified or licensed by the board

under this chapter;

(7) "Evaluation" means an estimate of the market value of real property provided to a

financial institutio n in accordance with the federal interagency appraisal and

evaluation guidelines published by the federal financial institutions' regulatory

agencies for use in a real property -related financial transaction for which an

appraisal by a licensed or certified appraiser is not required by federal law;

(8) "Federally related transaction" means any real property -related financial transaction

that:

(a) A federal financial institution's regulatory agency engages in, contracts for, or

regulates; and

(b) Requires the services of an appraiser;

(9) "Real property" means real estate in its ordinary meaning and includes any

leasehold or other estate or interest in, over, or under land, including leaseholds, all

appurtenances and improvements thereto, and may i nclude personal property which

is integral to the use of the real property as appraised;

(10) "Real property-related financial transaction" means any transaction involving:

(a) The sale, lease, purchase, or exchange of or investment in real property,

including interests in real property, or the financing of real property;

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

(c) The use of real property or interests in property as security for a loan or

investment, including mortgage-backed securities; and

(11) "Uniform Standards of Professional Appraisal Practice" or "USPAP" means the

standards of practice promulgated by the Appraisal Standards Board of the

Appraisal Foundation.