As used in KRS 324A.010 to 324A.100, unless the context requires otherwise:

1. (1) "Appraisal" means an oral, written, or electronic communication of any type or nature which is independently and impartially prepared by a licensed or certified appraiser setting forth an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real property, as of a specified date, for or in expectation of compensation; "Appraisal assignment" means an engagement for which an appraiser is employed or retained to act, or would be perceived by other parties or the public as acting, as a third party in rendering an unbiased real property appraisal; "Appraisal management company" has the same meaning as in KRS 324A.150; "Appraisal report" means any communication, written, oral, or electronic conveying a real property appraisal, and all other reports communicating an appraisal analysis, opinion, or conclusion; "Board" means the Real Property Appraisers Board created in KRS 324A.015; "Certificate holder or licensee" means a person certified or licensed by the board under this chapter; "Evaluation" means an estimate of the market value of real property provided to a financial institution in accordance with the federal interagency appraisal and evaluation guidelines published by the federal financial institutions' regulatory agencies for use in a real property-related financial transaction for which an appraisal by a licensed or certified appraiser is not required by federal law; "Federally related transaction" means any real property-related financial transaction that:

   1. (a) A federal financial institution's regulatory agency engages in, contracts for, or regulates; and
   2. (b) Requires the services of an appraiser; "Real property" means real estate in its ordinary meaning and includes any leasehold or other estate or interest in, over, or under land, including leaseholds, all appurtenances and improvements thereto, and may include personal property which is integral to the use of the real property as appraised;
2. (2)
3. (3)
4. (4)
5. (5)
6. (6)
7. (7)
8. (8)
9. (9)

10. (10) "Real property-related financial transaction" means any transaction involving:

    1. (a) The sale, lease, purchase, or exchange of or investment in real property, including interests in real property, or the financing of real property;
    2. (b) The refinancing of real property or interests in real property; or
    3. (c) The use of real property or interests in property as security for a loan or investment, including mortgage-backed securities; and
11. (11) "Uniform Standards of Professional Appraisal Practice" or "USPAP" means the standards of practice promulgated by the Appraisal Standards Board of the Appraisal Foundation.

Effective: July 15, 2026

History: Amended 2026 Ky. Acts ch. 172, sec. 1, effective July 15, 2026. -- Amended 2013 Ky. Acts ch. 46, sec. 7, effective June 25, 2013. -- Amended 1998 Ky. Acts ch. 377, sec. 1, effective July 15, 1998. -- Amended 1992 Ky. Acts ch. 247, sec. 1, effective April 7, 1992. -- Created 1990 Ky. Acts ch. 383, sec. 1, effective July 13, 1990.