Terms Used In Louisiana Revised Statutes > Title 37 > Chapter 51 - Louisiana Real Estate Appraisers Law

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appraisal: A determination of property value.
• 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 analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate. See Louisiana Revised Statutes 37:3392
• Appraisal report: means any communication, written or oral, of an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects, including energy efficiency, of, identified real estate. See Louisiana Revised Statutes 37:3392
• AQB: means the Appraiser Qualifications Board of TAF created in accordance with Title XI of FIRREA. See Louisiana Revised Statutes 37:3392
• Arrest: Taking physical custody of a person by lawful authority.
• ASB: means the Appraisal Standards Board of TAF created in accordance with Title XI of FIRREA. See Louisiana Revised Statutes 37:3392
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the Louisiana Real Estate Appraisers Board established pursuant to the provisions of this Chapter. See Louisiana Revised Statutes 37:3392
• Certified general appraiser: means any person licensed by the board to appraise all types of real estate regardless of complexity or transaction value. See Louisiana Revised Statutes 37:3392
• certified residential appraiser: includes but is not limited to the authority to appraise vacant or unimproved land utilized for the purposes of one to four family residential units or for which the highest and best use is for one to four family residential units; however, such authority shall not include the authority to appraise any subdivision for which a development analysis or development appraisal is necessary. See Louisiana Revised Statutes 37:3392
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Commission: means the Louisiana Real Estate Commission. See Louisiana Revised Statutes 37:3392
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Federal financial institutions regulatory agency: means :

              (a) The Board of Governors of the Federal Reserve System. See Louisiana Revised Statutes 37:3392

• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• FIRREA: means the Financial Institution Reform, Recovery and Enforcement Act of 1989, as enacted under federal law, and specifically includes but is not limited to Title XI, requiring real estate appraisals used in connection with federally related transactions to comply with uniform standards and to be prepared by credentialed real property appraisers. See Louisiana Revised Statutes 37:3392
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• In good standing: means the status of a licensee who has complied with all explicit license obligations thereby having unabated authority to conduct license activities. See Louisiana Revised Statutes 37:3392
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensed residential appraiser: means any person licensed by the board whose authority to appraise real property is limited to the appraisal of noncomplex one to four residential units having a transaction value of less than one million dollars and of complex one to four residential units having a transaction value of less than four hundred thousand dollars in accordance with the Real Property Appraiser Qualification Criteria. See Louisiana Revised Statutes 37:3392
• Licensee: means any person who has been issued a license by the board to participate in any appraisal activity described in this Chapter. See Louisiana Revised Statutes 37:3392
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Market value: means a value stated as an opinion, which presumes the transfer of real property as of a certain date and subject to specific conditions set forth in the value definition identified by an appraiser as applicable to an appraisal. See Louisiana Revised Statutes 37:3392
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• PAREA: means or refers to any Practical Applications of Real Estate Appraisal training program created or implemented in accordance with the Real Property Appraiser Qualification Criteria developed and approved by the AQB, to provide an alternate pathway for applicants to obtain licensure as a licensed residential appraiser or as a certified residential appraiser without training as a trainee appraiser, subject to the direct control and supervision of a supervisory appraiser. See Louisiana Revised Statutes 37:3392
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Quorum: The number of legislators that must be present to do business.
• real estate: means immovable property as defined by Civil Code Article 462 et seq. See Louisiana Revised Statutes 37:3392
• real estate appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects, including energy efficiency, of, identified real estate, for or in expectation of compensation. See Louisiana Revised Statutes 37:3392
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real Property Appraiser Qualification Criteria: means the qualifying criteria regarding the minimum education, experience, and examination requirements for real estate appraisers, as established by the AQB. See Louisiana Revised Statutes 37:3392
• Service of process: The service of writs or summonses to the appropriate party.
• Subpoena: A command to a witness to appear and give testimony.
• Subpoena duces tecum: A command to a witness to produce documents.
• Supervisory appraiser: means a certified residential appraiser or certified general appraiser registered by the board to supervise one or more trainee appraisers and who satisfies the applicable minimum qualifications required by the Real Property Appraiser Qualification Criteria including but not limited to the following:

              (a) The supervisory appraiser shall have been licensed and in good standing with any competent appraisal licensing jurisdiction for at least three years. See Louisiana Revised Statutes 37:3392

• TAF: means The Appraisal Foundation created in accordance with Title XI of FIRREA. See Louisiana Revised Statutes 37:3392
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trainee appraiser: means any person registered by the board and authorized to appraise properties under the supervision of a licensed general real estate appraiser or residential real estate appraiser. See Louisiana Revised Statutes 37:3392
• transaction value: means market value for nonfederally related transaction appraisals. See Louisiana Revised Statutes 37:3392
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• USPAP: means the Uniform Standards of Professional Appraisal Practice, which establishes the minimum requirements applicable to appraisers for the purpose of promoting and maintaining public trust in the appraisal practice, as implemented and periodically amended by the ASB. See Louisiana Revised Statutes 37:3392
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.