2021 New Mexico Statutes
Chapter 61 - Professional and Occupational Licenses
Article 30 - Real Estate Appraisers
Section 61-30-3 - Definitions. (Repealed effective July 1, 2024.)
As used in the Real Estate Appraisers Act:
A. "appraisal" or "real estate appraisal" means an analysis, opinion or conclusion prepared by a real estate appraiser relating to the nature, quality, value or utility of specified interests in or aspects of identified real estate or real property, for or in expectation of compensation, and shall include the following:
(1) a valuation, analysis, opinion or conclusion prepared by a real estate appraiser that estimates the value of identified real estate or real property;
(2) an analysis or study of real estate or real property other than estimating value; and
(3) written or oral appraisals that are subject to appropriate review for compliance with the uniform standards of professional appraisal practice. The work file for an oral appraisal report shall be subject to appropriate review for compliance with the uniform standards of professional appraisal practice;
B. "appraisal assignment" means an engagement for which an appraiser is employed or retained to act or would be perceived by third parties or the public as acting as a disinterested third party in rendering an unbiased appraisal;
C. "appraisal foundation" means the appraisal foundation incorporated as an Illinois not-for-profit corporation on November 30, 1987 and to which reference is made in the federal real estate appraisal reform amendments;
D. "appraisal management company" means any external third party that oversees a network or panel of certified or licensed appraisers to:
(1) recruit, select and retain appraisers;
(2) contract with appraisers to perform appraisal assignments;
(3) manage the process of having an appraisal performed; or
(4) review and verify the work of appraisers;
E. "appraisal report" means any communication, written or oral, of an appraisal regardless of title or designation and all other reports communicating an appraisal;
F. "appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser's work;
G. "appraisal subcommittee" means the entity within the federal financial institutions examination council that monitors the requirements established by the states for appraisers and appraisal management companies;
H. "board" means the real estate appraisers board;
I. "certified appraisal" or "certified appraisal report" means an appraisal or appraisal report given or signed and certified as such by a state certified real estate appraiser and shall include an indication of which type of certification is held and shall be deemed to represent to the public that it meets the appraisal standards defined in the Real Estate Appraisers Act;
J. "federal real estate appraisal reform amendments" means the Federal Financial Institutions Examination Council Act of 1978, as amended by Title 11, Real Estate Appraisal Reform Amendments;
K. "general certificate" or "general certification" means a certificate or certification for appraisals of all types of real estate issued pursuant to the provisions of the Real Estate Appraisers Act and the federal real estate appraisal reform amendments;
L. "real estate" or "real property" means a leasehold or other estate or interest in, over or under land, including structures, fixtures and other improvements and interests that by custom, usage or law pass with a conveyance of land, though not described in a contract of sale or instrument of conveyance, and includes parcels with or without upper and lower boundaries and spaces that may be filled with air;
M. "real estate appraiser" means any person who engages in real estate appraisal activity in expectation of compensation;
N. "real estate appraiser trainee" means a registered real estate appraiser who meets or exceeds the minimum qualification requirements of the appraiser qualifications board of the appraisal foundation for real estate appraisal trainees and as defined by board rule and who are subject to direct supervision by a supervisory appraiser;
O. "residential certificate" or "residential certification" means a certificate or certification, limited to appraisals of residential real estate or residential real property without regard to the complexity of the transaction, issued pursuant to the provisions of the Real Estate Appraisers Act and as provided under the terms of the federal real estate appraisal reform amendments;
P. "residential real estate" or "residential real property" means real estate designed and suited or intended for use and occupancy by one to four families, including use and occupancy of manufactured housing;
Q. "specialized services" means those services that do not fall within the definition of an appraisal assignment and may include specialized financing or market analyses and feasibility studies that may incorporate estimates of value or analyses, opinions or conclusions given in connection with activities such as real estate brokerage, mortgage banking, real estate counseling and real estate tax counseling; provided that the person rendering such services would not be perceived by third parties or the public as acting as a disinterested third party in rendering an unbiased appraisal or real estate appraisal, regardless of the intention of the client and that person;
R. "state certified appraisal" means any appraisal that is identified as a state certified appraisal report or is in any way described as being prepared by a state certified real estate appraiser;
S. "state certified real estate appraiser" means a person who has satisfied the requirements for state licensing in New Mexico pursuant to the minimum criteria established by the appraiser qualifications board of the appraisal foundation for licensing of real estate appraisers;
T. "state licensed residential real estate appraiser" means a person who has satisfied the requirements for state licensing in New Mexico pursuant to the minimum criteria established by the appraiser qualifications board of the appraisal foundation and the New Mexico real estate appraisers board for licensing of real estate appraisers;
U. "supervisory appraiser" means a state certified real estate appraiser responsible for the direct supervision of real estate appraiser trainees who have satisfied the requirements for supervisory appraiser pursuant to the minimum criteria established by the appraiser qualifications board of the appraisal foundation; and
V. "uniform standards of professional appraisal practice" means the uniform standards of professional appraisal practice promulgated by the appraisal standards board of the appraisal foundation and adopted by rule pursuant to the Real Estate Appraisers Act.
History: Laws 1990, ch. 75, § 3; 1992, ch. 54, § 2; 1993, ch. 269, § 1; 2003, ch. 328, § 1; 2014, ch. 33, § 1.
ANNOTATIONSDelayed repeals. — For delayed repeal of this section, see 61-30-24 NMSA 1978.
Cross references. — For the federal Real Estate Appraisal Reform Amendments, see 12 U.S.C. §§ 3331 through 3352.
The 2014 amendment, effective May 21, 2014, added definitions to provide for compliance with federal law, appraisal management companies, trainees, an appraisal subcommittee, and uniform standards of professional appraisal practice; in Subsection A, added Paragraph (2); added Subsections D, F and G; added Subsection N; in Subsection S, after "means a person who", deleted "holds a current, valid general certificate or a current, valid residential certificate issued pursuant to the provisions of the Real Estate Appraisers Act" and added the remainder of the sentence; in Subsection T, after "state licensed", added "residential" and after "means a person who", deleted "holds a current, valid license issued pursuant to the provisions of the Real Estate Appraisers Act; and" and added the reminder of the sentence; deleted former Subsection Q, which defined "state apprentice real estate appraiser"; and added Subsections U and V.
The 2003 amendment, effective July 1, 2003, deleted "or real estate appraisal" following "rendering an unbiased appraisal" at the end of Subsection B; deleted "or real estate appraisal" following "of an appraisal" near the middle of Subsection D; in Subsection G deleted "12 U.S.C. 3301, et seq.," following "Examination Council Act of 1978," near the middle, and deleted ", 12 U.S.C. 3331 through 3351" at the end; and substituted "apprentice" for "registered" following "state" near the beginning of Subsection Q.
The 1993 amendment, effective June 18, 1993, deleted former Subsection G, which defined "commission", redesignating the remaining subsections accordingly; and deleted "limited to appraisals of residential real estate involving non-complex transactions of a transaction value of less than one million dollars ($1,000,000) and complex transactions of a transaction value of less than two hundred fifty thousand dollars ($250,000) as provided under the terms of the federal Real Estate Appraisal Reform Amendments, which license is" after "valid license" in Subsection P.
The 1992 amendment, effective May 20, 1992, inserted "without regard to the complexity of the transaction" in Subsection L; added the limitation language in Subsection Q; added Subsection R; and made stylistic changes.
