Michigan Laws > Chapter 339 > Act 299 of 1980 > Article 26
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Terms Used In Michigan Laws > Chapter 339 > Act 299 of 1980 > Article 26
- 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.
- Appraisal: A determination of property value.
- Appraisal: means an opinion, conclusion, or analysis relating to the value of real property but does not include any of the following:
(i) A market analysis performed by a person that is licensed under article 25 solely for the purpose of assisting a customer or potential customer in determining the potential sale, purchase, or listing price of real property or the rental rate of real property as long as a fee or any other valuable consideration is not charged for that analysis. See Michigan Laws 339.2601Appraiser: means an individual who is engaged in or offering to engage in the development and communication of an appraisal. See Michigan Laws 339.2601 AQB criteria: means all of the following, if applicable:
(i) The criteria established by the appraiser qualifications board of the appraisal foundation and in effect on the effective date of the amendatory act that added subparagraph (ii). See Michigan Laws 339.2601Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Certified general real estate appraiser: means an individual who is licensed under section 2610 to appraise all types of real property, including nonresidential real property involving federally related transactions and real estate related financial transactions. See Michigan Laws 339.2601 Certified residential real estate appraiser: means an individual who is licensed under section 2610 to appraise all types of residential real property involving real estate related financial transactions and federally related transactions as authorized by the regulations of a federal financial institution regulatory agency and resolution trust corporation as well as any nonresidential, nonfederally related transaction for which the individual is qualified. See Michigan Laws 339.2601 Client: means a person that contracts with, or otherwise enters into an agreement with, an appraisal management company for the performance of real estate appraisal services. See Michigan Laws 339.2661 Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Contract: A legal written agreement that becomes binding when signed. Controlling interest: means more than 80% of the total value of all classes of stock of a corporation; more than 80% of the total interest in capital and profits of a partnership, association, limited liability company, or other unincorporated form of doing business; or more than 80% of the beneficial interest in a trust. See Michigan Laws 207.522 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. Deed: The legal instrument used to transfer title in real property from one person to another. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC Federal financial institution regulatory agency: means the board of governors of the federal reserve system, the federal deposit insurance corporation, the office of the comptroller of the currency, the office of thrift supervision, or the national credit union administration. See Michigan Laws 339.2601 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 Federally related transaction: means any real estate related financial transaction that a federal financial institution regulatory agency engages in, contracts for, or regulates and that requires the services of an appraiser under any of the following:
(i) 12 C. See Michigan Laws 339.2601Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e Grantor: The person who establishes a trust and places property into it. grantor: may be construed as including every person from or by whom any estate in lands passes in or by any deed. See Michigan Laws 8.3e in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Joint resolution: A legislative measure which requires the approval of both chambers. Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants. Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Limited real estate appraiser: means an individual who meets the AQB criteria for appraiser trainee and is licensed under section 2610 to perform appraisals of those properties that the state certified supervisory appraiser is permitted and competent to appraise. See Michigan Laws 339.2601 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Mortgage: The written agreement pledging property to a creditor as collateral for a loan. 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 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. Person: means an individual, partnership, corporation, limited liability company, association, governmental entity, or other legal entity. See Michigan Laws 207.522 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Property: includes land, tenements, real estate, and real property and all rights to and interests in land, tenements, real estate, or real property. See Michigan Laws 207.522 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Real estate related financial transaction: means any of the following:
(i) A sale, lease, purchase, investment in, or exchange of real property or the financing of real property. See Michigan Laws 339.2601Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Real property: means an identified tract or parcel of land, including improvements on that land, as well as any interests, benefits, or rights inherent in the land. See Michigan Laws 339.2601 Residential real property: means real property used as a residence containing a dwelling that has not more than 4 living units. See Michigan Laws 339.2601 Service of process: The service of writs or summonses to the appropriate party. state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o State licensed real estate appraiser: means an individual who is licensed under section 2610 to appraise real property, including, but not limited to, residential and nonresidential real property involving federally related transactions and real estate related financial transactions. See Michigan Laws 339.2601 Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Tax: means the state real estate transfer tax imposed under this act. See Michigan Laws 207.522 Treasurer: means the state treasurer. See Michigan Laws 207.522 Uniform standards of professional appraisal practice: means all of the following, if applicable:
(i) Standards relating to real property adopted by the appraisal foundation and in effect on the effective date of the amendatory act that added subparagraph (ii). See Michigan Laws 339.2601United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Value: means the current or fair market worth in terms of legal monetary exchange at the time of the transfer. See Michigan Laws 207.522