Definitions

PURPOSE: This rule defines the terminology used in the rules of the Missouri Real Estate Appraisers Commission. (1) Words defined in sections 339.500–339.549, RSMo, shall have the same meaning when used in these rules and, in addition, unless the context plainly requires a different meaning—Licensee, for the purposes of this Act, means an individual person who has been certified as a state-certified general real estate appraiser, a state-certified residential real estate appraiser, a state-licensed real estate appraiser, or a licensed appraisal management company. (2) In accordance with Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, all real estate- related transactions will be protected by requiring that real estate appraisals utilized in connection with federally-related transactions are performed in writing, in accordance with uniform standards, by state-certified or state-licensed real estate appraisers. Federally-related transactions means any real property-related financial transaction in which a federal financial institution engages in, contracts for, or regulates. The financial institution regulatory agencies include the Federal Deposit Insurance Corporation (FDIC); the Federal Reserve System (FED); the National Credit Union Administration (NCUA); the Office of the Comptroller of the Currency (OCC); and the Department of the Treasury, Office of Thrift Supervision (OTS). AUTHORITY: sections 339.503, 339.509, and 339.544, RSMo 2016.* This rule originally filed as 4 CSR 245-2.010. Emergency rule filed Dec. 6, 1990, effective Dec. 16, 1990, expired April 14, 1991. Emergency rule filed April 4, 1991, effective April 14, 1991, expired Aug. 11, 1991. Original rule filed Jan. 3, 1991, effective April 29, 1991. Amended: Filed Aug. 14, 1991, effective Jan. 13, 1992. Moved to 20 CSR 2245-2.010, effective Aug. 28, 2006. Amended: Filed Nov. 13, 2012, effective June 30, 2013. Amended: Filed April 6, 2018, effective Oct. 30, 2018. *Original authority: 339.503, RSMo 1990, amended 1998, 2009, 2010, 2012; 339.509, RSMo 1990, amended 1998, 2012; and 339.544, RSMo 1998.