Terms Used In Minnesota Statutes > Chapter 82C - Appraisal Management Companies

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Appraisal assignment: means an engagement for which an appraiser is retained to act, as a disinterested third party in giving an unbiased analysis, opinion, or conclusion relating to the nature, quality, value, or utility of named interests in, or aspects of, identified real estate. See Minnesota Statutes 82C.02
• Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity that directly or indirectly performs the following appraisal management services:

  (1) within a given 12-month period, as defined in section 82C. See Minnesota Statutes 82C.02

• Appraisal management services: means the process of directly or indirectly performing any of the following functions on behalf of a lender, financial institution, client, or any other person to:

  (1) administer an appraiser panel;

  (2) recruit, qualify, verify licensing or certification, and negotiate fees and service level expectations with persons who are part of an appraiser panel;

  (3) receive an order for an appraisal from one person, and deliver the order for the appraisal to an appraiser that is part of an appraiser panel for completion;

  (4) track and determine the status of orders for appraisals;

  (5) conduct quality control of a completed appraisal prior to the delivery of the appraisal to the person that ordered the appraisal; or

  (6) provide a completed appraisal performed by an appraiser to one or more clients. See Minnesota Statutes 82C.02

• Appraisal review: means the act of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment, except that an examination of an appraisal for grammatical, typographical, or other similar errors that do not make a substantive valuation change shall not be an appraisal review. See Minnesota Statutes 82C.02
• Appraisal Subcommittee: means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. See Minnesota Statutes 82C.02
• Appraiser: means a person who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective, and who is licensed under chapter 82B. See Minnesota Statutes 82C.02
• Appraiser panel: means a network of licensed or certified appraisers who are independent contractors to the appraisal management company that have:

  (1) responded to an invitation, request, or solicitation from an appraisal management company, in any form, to perform appraisals for persons that have ordered appraisals through the appraisal management company, or to perform appraisals for the appraisal management company directly, on a periodic basis, as requested and assigned by the appraisal management company; and

  (2) been selected and approved by an appraisal management company to perform appraisals for any client of the appraisal management company that has ordered an appraisal through the appraisal management company, or to perform appraisals for the appraisal management company directly, on a periodic basis, as assigned by the appraisal management company. See Minnesota Statutes 82C.02

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• children: includes children by birth or adoption;

  (9) "day" comprises the time from midnight to the next midnight;

  (10) "fiscal year" means the year by or for which accounts are reckoned;

  (11) "hereafter" means a reference to the time after the time when the law containing such word takes effect;

  (12) "heretofore" means a reference to the time previous to the time when the law containing such word takes effect;

  (13) "judicial sale" means a sale conducted by an officer or person authorized for the purpose by some competent tribunal;

  (14) "minor" means an individual under the age of 18 years;

  (15) "money" means lawful money of the United States;

  (16) "night time" means the time from sunset to sunrise;

  (17) "non compos mentis" refers to an individual of unsound mind;

  (18) "notary" means a notary public;

  (19) "now" in any provision of a law referring to other laws in force, or to persons in office, or to any facts or circumstances as existing, relates to the laws in force, or to the persons in office, or to the facts or circumstances existing, respectively, on the effective date of such provision;

  (20) "verified" when used in reference to writings, means supported by oath or affirmation. See Minnesota Statutes 645.45

• Client: means any person or entity that contracts with, or otherwise enters into an agreement with, an appraisal management company for the performance of real estate appraisal services or appraisal management services. See Minnesota Statutes 82C.02
• Commissioner: means the commissioner of commerce. See Minnesota Statutes 82C.02
• 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 person: means :

  (1) any owner, officer, or director of an appraisal management company seeking to offer appraisal management services in this state;

  (2) an individual employed, appointed, or authorized by an appraisal management company that has the authority to enter into a contractual relationship with other persons for the performance of appraisal management services and has the authority to enter into agreements with appraisers for the performance of appraisals;

  (3) an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company; or

  (4) an individual who enters into:

  (i) contractual relationships with clients for the performance of appraisal management services; and

  (ii) agreements with employed and independent appraisers for the performance of real estate appraisal services. See Minnesota Statutes 82C.02

• 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.
• Employee: means an individual who is treated as an employee for purposes of compliance with federal income tax laws. See Minnesota Statutes 82C.02
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• 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}
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Registry: means the registry of state-registered appraisal management companies and federally regulated appraisal management companies maintained by the Appraisal Subcommittee. See Minnesota Statutes 82C.02
• 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.
• 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 a natural person, firm, partnership, limited liability partnership, corporation, association, limited liability company, or other form of business organization and the officers, directors, employees, or agents of that person. See Minnesota Statutes 82C.02
• Public waters: means public waters as defined in section 103G. See Minnesota Statutes 645.44
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Service of process: The service of writs or summonses to the appropriate party.
• Summons: Another word for subpoena used by the criminal justice system.
• Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44
• 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 as established by the Appraisal Foundation. See Minnesota Statutes 82C.02
• Wetlands: means lands transitional between terrestrial and aquatic systems where the water table is usually at or near the surface or the land is covered by shallow water. See Minnesota Statutes 645.44