The following words and terms, when used in this subpart, unless a different meaning is provided or is plainly required by the context, shall have the following meanings:

1. (1) “AQB” means Appraiser Qualifications Board;
2. (2) “Complex one-to-four (1 – 4) family residential property appraisal” means one in which the property to be appraised, the form of ownership, or market conditions are atypical;
3. (3) “PAREA” means practical applications of real estate appraisal;
4. (4) “Residential” means composed of one-to-four (1 – 4) residential units;

5. (5)

   1. (A) “Supervisory appraiser” means a state-certified appraiser who:

      1. (i) Formally agrees to supervise the work of a specific registered apprentice appraiser;
      2. (ii) Is recorded by the State Board of Appraisers, Abstracters, and Home Inspectors as a supervisory appraiser; and
      3. (iii) Has successfully completed the four-hour supervisor/trainee course offered by the State Board of Appraisers, Abstracters, and Home Inspectors or other approved education provider.
   2. (B) Refer to 17 CAR § 200-209 for additional qualifications;

6. (6) “Transaction value” means, for the purposes of this part:

   1. (A) For loans or other extensions of credit, the amount of the loan or extension of credit;
   2. (B) For sales, leases, purchases, and investments in or exchanges of real property, the market value of the real property interest involved;
   3. (C) For the pooling of loans or interests in real property for resale or purchase, the amount of the loan or market value of the real property calculated with respect to each such loan or interest in real property; and
   4. (D) For condemnation appraisals, the value will be the total market value of the property before any acquisition of property occurs; and
7. (7) “USPAP” means the Uniform Standards of Professional Appraisal Practice.