§14002.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__ Appraisal.__"Appraisal" means an analysis, opinion or conclusion prepared by a real estate appraiser related to the nature, quality, value or utility of specified interests in, or aspects of, identified real property.

2.__Appraisal foundation.__"Appraisal foundation" means the appraisal foundation incorporated as an Illinois nonprofit corporation on November 30, 1987 and recognized under the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989 as the organization that establishes the Uniform Standards of Professional Appraisal Practice.

3.__Appraiser qualifications board.__"Appraiser qualifications board" means an independent board of the appraisal foundation authorized to establish the minimum education, experience and examination criteria for licensed real estate appraisers.

4.__Appraisal report.__"Appraisal report" means any written or oral communication of an appraisal.

5.__Board.__"Board" means the Board of Real Estate Appraisers.

6.__Commissioner.__"Commissioner" means the Commissioner of Professional and Financial Regulation.

7.__Complex residential property.__"Complex residential property" means a residential property of one to 4 units exhibiting characteristics, determined by the board, that are not typical of the property type or marketplace, including, but not limited to:

A.__Unusual forms of ownership, such as partial interests;

B.__Property interests other than fee simple, such as those encumbered by easements, life estates or elaborate lease terms;

C.__Unstable market conditions;

D.__Changing patterns of land use when issues of compatibility,__zoning and highest and best use are significant factors;