(1) “Analysis” means a study of real estate or real property other than one estimating value;
(2) “Appraisal” or “real estate appraisal” means an analysis, opinion, or conclusion prepared by an appraiser relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate. An appraisal may be classified by subject matter into either a valuation or an analysis.
(3) “Appraisal report” means any written communication of an appraisal. For purposes of this chapter, the testimony of any appraiser dealing with the appraiser's analyses, conclusions, or opinions concerning identified real property is deemed to be an oral appraisal report.
(4) “Appraisal Subcommittee” means the designees of the heads of the federal financial institutions regulatory agencies established by the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. section 3301, et seq.), as amended.
(5) “Appraiser” means any person who is a licensed real estate appraiser, or a certified real estate appraiser in the Virgin Islands.
(6) “Board” means the Virgin Islands Real Estate Appraisers Board established pursuant to the provisions of this chapter.
(7) “Certified appraisal” or “certified appraisal report” means an appraisal or appraisal report given and signed and certified as such by a certified real estate appraiser. A certified appraisal or appraisal report represents to the public that it meets the appraisal standards defined in this chapter.
(8) “Certified general real estate appraiser” means a person who for a valuable consideration engages in real estate appraisal activity on any type of real estate or real property and who holds a current, valid certification issued under the provisions of this chapter.
(8a) “Certified residential real estate appraiser” means a person who for valuable consideration engages in real estate appraisal activity on real estate or real property as may be authorized by the Appraisal Qualification Board of the Appraisal Foundation and holds a certification issued under the provisions of this chapter.
(9) “Commission” means the Virgin Islands Real Estate Appraisers Board created by this chapter.
(10) “Commissioner” means the Assistant Commissioner for Boards and Commissions within the Department of Licensing and Consumer Affairs.
(11) “Evaluation assignment” means an engagement for which an appraiser is employed or retained to give an analysis, opinion, or conclusion that relates to the nature, quality, or utility of identified real estate or identified real property.
(12) “Federally related transaction” means any real estate related financial transaction which: (A) a federal financial institution regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and (B) requires the services of an appraiser.
(13) “Independent 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 identified real estate or identified real property.
(14) “Licensed real estate appraiser” means a person who for a valuable consideration engages in real estate appraisal activity on real estate or real property of one to four units when a net income capitalization analysis is not required by the terms of the assignment or on such real estate or real property as may be authorized by the Appraisal Subcommittee and who holds a current, valid license issued under the provisions of this chapter.
(15) “Provisional appraiser's license or certification” means a license or certification granted to an applicant who for valuable consideration engages in real estate appraisal activity on any type of real estate or real property.
(16) “Real estate” means an identified parcel or tract of land, including improvements, if any.
(17) “Real estate appraisal activity” means the act or process of valuation of real estate or real property and preparing an appraisal report.
(18) “Real estate related financial transaction” means any transaction involving:
(A) The sale, lease, purchase or exchange of or investment in real estate or real property or the financing thereof;
(B) The refinancing of real estate or real property; and
(C) The use of real estate or real property as security for a loan or investment, including mortgage backed securities.
(19) “Real property” means one or more defined interests, benefits, and rights inherent in the ownership of real estate.
(20) “Specialized services” means services, other than independent appraisal assignments which are performed by an appraiser. Specialized services may include marketing, financing, and feasibility studies; valuations; analyses; and opinions and conclusions given in connection with activities such as real estate brokerage, mortgage banking, real estate counseling, and real estate tax counseling.
(21) “State” includes any state, district, territory, possession, or province of the United States.
(22) “Valuation” means an estimate of the value of real estate or real property.
(23) “Valuation assignment” means an engagement for which an appraiser is employed or retained to give an analysis, opinion or conclusion that estimates the value of an identified parcel of real estate or identified real property at a particular point in time.