37-54-102. Definitions. Terms commonly used in appraisal practice and as used in this chapter must be defined according to the Uniform Standards of Appraisal Practice, as issued by the appraisal foundation. As used in this chapter, unless the context requires otherwise, the following definitions apply:
     (1) "Appraisal foundation" means the appraisal foundation incorporated as an Illinois not-for-profit corporation on November 30, 1987, pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, 12 U.S.C. 3310, et seq. The purposes of the appraisal foundation are to:
     (a) establish and improve uniform appraisal standards by defining, issuing, and promoting those standards;
     (b) establish appropriate criteria for the licensure and certification of qualified appraisers by defining, issuing, and promoting qualification criteria and disseminate the qualification criteria to states and other governmental entities; and
     (c) develop or assist in the development of appropriate examinations for qualified appraisers.
     (2) "Board" means the board of real estate appraisers provided for in 2-15-1868.
     (3) "Certified real estate appraiser" means a person who develops and communicates real estate appraisals and who has a valid real estate appraisal certificate issued under 37-54-305.
     (4) "Department" means the department of commerce provided for in 2-15-1801.
     (5) "Licensed real estate appraiser" means a person who holds a current valid real estate appraiser license issued under 37-54-201.

     History: En. Sec. 2, Ch. 409, L. 1991; amd. Sec. 27, Ch. 481, L. 1997.