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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 17. BUSINESS, OCCUPATIONS, AND PROFESSIONALS |
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Chapter 17-23. REAL ESTATE APPRAISERS |
Section 17-2399. DEFINITIONS
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2399.1As used in this chapter, the following terms have the meanings ascribed:
Act - The Non-Health Related Occupations and Professions Licensure Act of 1998, effective April 20, 1999 (D.C. Law 12-261; D.C. Official Code § 47-2853.01, et seq. (2001)).
Ad Valorem Tax Appraisal - an appraisal used to establish the assessed value of real estate for real property tax purposes.
Applicant - a person applying for licensure.
Appraisal - the act or process of estimating the value of real estate.
Appraisal Foundation - the foundation incorporated as an Illinois Not-for-Profit Corporation on November 30, 1987, to establish and improve uniform appraisal standards by defining, issuing, and promoting such standards.
Appraisal Qualifications Board - the Board created by the Appraisal Foundation to: establish appropriate criteria for the certification and recertification of qualified appraisers by defining, issuing, and promoting such qualification criteria; disseminate such qualification criteria to states, governmental entities, and others; and to develop or assist in the development of appropriate examinations for qualified appraisers.
Appraisal Subcommittee - 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. § 3301 et seq.), as amended.
Appraiser Trainee - An individual who is licensed as an appraiser trainee under this chapter and who is training for licensure as a Residential Real Property Appraiser, Certified Residential Real Property Appraiser, or Certified General Real Property Appraiser, and who may appraise those properties that his or her supervising appraiser is permitted to appraise.
AQB - the Appraisal Qualifications Board.
Assignment - one or more real estate appraisals and written appraisal reports that are covered by a contract to provide an appraisal for one or more specific parcels of real estate.
Board - District of Columbia Board of Real Estate Appraisers.
Candidate - a person who has applied to take the prelicensure examination but has not filed an application for licensure.
Certified General Real Property Appraiser - an individual licensed under this chapter to appraise any type of real estate and real property.
Certified Instructor - an individual holding an instructor certificate issued by the Real Estate Appraiser Board to act as an instructor.
Certified Residential Real Property Appraiser - an individual licensed under this chapter to appraise any residential real estate or residential real property of one to four units regardless of transaction value or complexity. Certified Residential Real Property Appraisers may also appraise nonresidential real property with a transaction value of up to $250,000.
Classroom hour - A classroom hour is equal to fifty (50) minutes of each sixty (60) minute segment and includes time devoted to tests that are considered part of the course.
Client - any person for whom an appraiser performs a service.
Complex one to four family residential property appraisal - an appraisal in which the property to be appraised, the form of ownership, or the market conditions are atypical as defined in the bank Holding Company Supervision manual, 1999 edition, page 10, section 2231.0.9.3. For non-federally related transaction appraisals, transaction value shall mean market value.
Department - The Department of Consumer and Regulatory Affairs or any successor agency with administrative authority over the Board.
Director - the Director of the Department of Consumer and Regulatory Affairs, or the Director's designee.
District - the District of Columbia.
Federally Related Transaction - any real estate related financial transaction which:
1A federal financial institutions regulatory agency engages in, contracts for or regulates; and
2Requires the services of a licensed or certified appraiser.
Fund - the Appraisal Education Fund.
Highest and Best Use - the reasonable and probable use that will support the highest present value as defined as of the effective date of the appraisal or the use, from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, and financially feasible.
Inactive licensee - a licensee who, pursuant to this chapter and the Act, pays the required fees and agrees not to practice as a real estate appraiser in the District of Columbia until he or she applies for reinstatement.
Licensed Residential Real Property Appraiser - a person licensed under this chapter to perform appraisals of non-complex one to four residential units having a transaction value of less than $1,000,000, complex one to four residential units having a transaction value of less than $250,000, or commercial real property with a transaction value of $250,000 or less.
Mass Appraisal - the process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing.
Office of Administrative Hearings (OAH) - The independent agency established within the executive branch of the District of Columbia government by D.C. Official Code § 2-1831.01 et seq. (2003 Supp.) that is responsible for the administrative adjudication of all cases under its jurisdiction.
Person - an individual, corporation, trustee, receiver, guardian, representative, firm, partnership, society, school, or other entity.
Proprietary school - a privately owned school approved by the Board that offers appraisal or appraisal related courses.
Provider - means accredited colleges, universities, junior colleges, and community colleges; adult distributive or marketing education programs; local, state, or federal government agencies, boards or commission; proprietary schools; or real estate appraisal or real estate related organizations.
Real estate appraisal consulting - advice and guidance on diversified problems in the broad field of real estate involving any or all segments of the business such as merchandising, leasing, management, planning, financing, appraising, court testimony, and other similar services. Real Estate Consulting services are often associated with evaluation services concerning matters other than value estimates relating to real property and may include activities such as the following:
Absorption Study
Ad Valorem Tax study
Annexation Study
Assemblage Study
Assessment Study
Condominium Conversion Study
Cost-benefit Study
Cross Impact Study
Depreciation/Cost Study
Distressed Property Study
Economic Base Analysis
Economic Impact Study
Economic Structure Analysis
Eminent Domain Study
Feasibility Study
Highest and Best Use Study
Impact Zone Study
Investment Analysis Study
Investment Strategy Study
Land Development Study
Land Suitability Study
Land Use Study
Location Analysis Study
Market Analysis Study
Market Strategy Study
Market Turning Point Analysis
Marketability Study
Portfolio Study
Rehabilitation Study
Remodeling Study
Rental Market Study
Right of Way Study
Site Analysis Study
Utilization Study
Urban Renewal Study
Zoning Study
Real Estate Appraisal or Real Estate Related Organization - any appraisal or real estate related organization formulated on a national level, where its membership extends to more than one state or territory of the United States.
Real Estate or Real Property - land, including the air above and ground below, and any appurtenance or improvement thereto, as well as any interest, benefit, or right to inherit in the ownership of land.
Reinstatement - pursuant to D.C. Official Code § 47-2853.15 (2001), having a license restored to effectiveness after the expiration date has passed.
Renewal - continuing the effectiveness of a license for another license cycle.
Review Appraisal - a report that forms an opinion as to the adequacy and appropriateness of the appraisal report that is being reviewed.
Substantially Equivalent - any educational course or seminar, experience, or examination taken in this or another jurisdiction that is equivalent in classroom hours, course content and subject, and degree of difficulty, respectively, to those requirements outlined in this chapter and the Act.
Supervising Appraiser – any individual holding a license issued by the Real Estate appraiser Board to act as a certified general real estate appraiser, certified residential real estate appraiser, who supervises an appraiser trainee as specified in this chapter.
Transaction Value - the monetary amount of a transaction that may require the services of a certified or licensed appraiser for completion. Transaction value is not always equal to the market value of the real property interest involved.
Uniform Standards of Professional Appraisal Practice - those standards that the Appraisal Standards Board of the Appraisal Foundation promulgated for use by all appraisers in the preparation of appraisal reports.
USPAP – means the Uniform Standards of Professional Appraisal Practice.
Valuation - an estimate or opinion of the value of real property.