Terms Used In Louisiana Revised Statutes 37:3415.12

• Appraisal: A determination of property value.
• Appraisal: means the act or process of developing an opinion of value of real property following the appraisal process defined by the Uniform Standards for Professional Appraisal Practice. See Louisiana Revised Statutes 37:3415.2
• Appraisal management company: means , in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any third party that annually oversees a network panel of more than fifteen licensed appraisers in the state or twenty-five or more licensed appraisers in two or more states and is authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of, or other principal in, the secondary mortgage markets to do both of the following:

              (a) Recruit, select, contract with, or otherwise retain an appraiser for the purpose of performing an appraisal and to verify any work performed by the appraiser for compliance with applicable state and federal requirements. See Louisiana Revised Statutes 37:3415.2

• Appraiser panel: means a group of appraisers that has been selected by an appraisal management company to perform real estate appraisal services for the appraisal management company on behalf of lenders or other clients. See Louisiana Revised Statutes 37:3415.2
• Board: means the Louisiana Real Estate Appraisers Board. See Louisiana Revised Statutes 37:3415.2
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10