WILLIAM DONALD SCHAEFER, Governor Ch. 594
Article - Business Occupations and Professions

TITLE 15.5. REAL ESTATE APPRAISERS
SUBTITLE 1. DEFINITIONS

15.5-101.

(A) IN THIS TITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B) (1) "APPRAISAL" MEANS AN ANALYSIS, CONCLUSION, OR
OPINION ABOUT THE NATURE, QUALITY, UTILITY, OR VALUE OF
INTERESTS IN OR ASPECTS OF IDENTIFIED REAL ESTATE.

(2) "APPRAISAL" INCLUDES:

(I) A VALUATION APPRAISAL;

(II) AN ANALYSIS ASSIGNMENT; AND

(III) A REVIEW ASSIGNMENT.

(3) "APPRAISAL" DOES NOT INCLUDE AN OPINION TO A
POTENTIAL SELLER OR THIRD PARTY BY A PERSON LICENSED UNDER
TITLE 16 OF THE BUSINESS OCCUPATIONS AND PROFESSIONS ARTICLE
THIS ARTICLE ABOUT THE RECOMMENDED LISTING PRICE OR
RECOMMENDED PURCHASE PRICE OF REAL ESTATE, PROVIDED THAT
THE OPINION IS NOT REFERRED TO AS AN APPRAISAL.

(C) "APPRAISAL REPORT" MEANS ANY COMMUNICATION, ORAL OR
WRITTEN, OF AN APPRAISAL.

(D) (1) "CERTIFICATE" MEANS, UNLESS THE CONTEXT REQUIRES
OTHERWISE, A CERTIFICATE ISSUED BY THE COMMISSION THAT ALLOWS
AN INDIVIDUAL TO PROVIDE CERTIFIED REAL ESTATE APPRAISAL
SERVICES.

(2) "CERTIFICATE" INCLUDES, UNLESS THE CONTEXT
REQUIRES OTHERWISE, EACH OF THE FOLLOWING CERTIFICATES:

(I) A CERTIFICATE TO PROVIDE CERTIFIED REAL ESTATE
APPRAISAL SERVICES FOR GENERAL REAL ESTATE; AND

(II) A CERTIFICATE TO PROVIDE CERTIFIED REAL ESTATE
APPRAISAL SERVICES FOR RESIDENTIAL REAL ESTATE.

(E) "CERTIFIED APPRAISAL REPORT" MEANS AN APPRAISAL
REPORT PREPARED AND SIGNED BY A CERTIFIED REAL ESTATE
APPRAISER.

(F) (1) "CERTIFIED REAL ESTATE APPRAISER" MEANS, UNLESS
THE CONTEXT REQUIRES OTHERWISE, AN INDIVIDUAL WHO IS

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