As used in this chapter, unless the context otherwise requires:

1. "Agency" means the: a. Board of governors of the federal reserve system; b. Consumer financial protection bureau; c. Farm credit administration; d. Federal deposit insurance corporation; e. National credit union administration; f. Office of the comptroller of the currency; and g. State financial regulator.

2. "Analysis" means a study of real estate other than estimating value.

3. "Appraisal" means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, real estate. An appraisal may be classified by subject matter into either a valuation or an analysis. The term does not include an evaluation.

4. "Appraisal assignment" means an engagement for which a person is employed or retained to act, or would be perceived by the public as acting, as a disinterested party in rendering an unbiased supportable appraisal.

5. "Appraisal foundation" means the appraisal foundation incorporated as an Illinois corporation on November 30, 1987.

6. "Appraisal report" means any communication of an appraisal.

7. "Appraisal subcommittee" means the appraisal subcommittee of the federal financial institutions examination council.

8. "Appraiser" means a person who engages in appraisal activity for valuable consideration.

9. "Apprentice appraiser" means a person who holds a valid permit as an apprentice appraiser.

10. "Board" means the North Dakota real estate appraiser qualifications and ethics board.

11. "Certified appraiser" means a person who holds a valid permit as a certified residential or general appraiser.

12. "Certified general appraiser" means a person who holds a valid permit as a certified general appraiser.

13. "Certified residential appraiser" means a person who holds a valid permit as a certified residential appraiser.

14. "Evaluation" means an estimate of the value of real property and real estate made in accordance with title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 [Pub. L. 101-73, 103 Stat. 183] and provided to an entity regulated by an agency for use in a real estate-related financial transaction for which an appraisal is not required by federal law.

15. "Licensed appraiser" means a person who holds a valid permit as a licensed appraiser.

16. "Permit" means the document issued by the board, verifying that the person named on the permit has fulfilled all prerequisites to practice either as an apprentice appraiser, a licensed appraiser, or a certified appraiser.

17. "Real estate" means an identified parcel or tract of land including improvements, if any.

18. "Real property" means one or more defined interests, benefits, and rights inherent in the ownership of real estate.

19. "Uniform standards of professional appraisal practice" means standards of appraisal promulgated by the appraisal standards board of the appraisal foundation as adopted by the board.

20. "Valuation" means an estimate of the value of real estate or real property.