Utah Code > Title 61 > Chapter 2g > Part 1 – General Provisions
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§ 61-2g-101 | Title |
§ 61-2g-102 | Definitions |
§ 61-2g-103 | Other law unaffected |
Terms Used In Utah Code > Title 61 > Chapter 2g > Part 1 - General Provisions
- Analysis assignment: means an unbiased analysis, opinion, or conclusion that relates to the nature, quality, or utility of identified real estate or identified real property. See Utah Code 61-2g-102
- Appraisal: A determination of property value.
- Appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in, or aspect of, identified real estate or identified real property. See Utah Code 61-2g-102
- Appraisal Foundation: means the Appraisal Foundation that was incorporated as an Illinois not-for-profit corporation on November 30, 1987. See Utah Code 61-2g-102
- Appraisal report: means a communication, written or oral, of an appraisal. See Utah Code 61-2g-102
- Board: means the Real Estate Appraiser Licensing and Certification Board that is established in Section 61-2g-204. See Utah Code 61-2g-102
- Consultation service: means an engagement to provide a real estate valuation service analysis, opinion, conclusion, or other service that does not fall within the definition of appraisal. See Utah Code 61-2g-102
- 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.
- Dependent: A person dependent for support upon another.
- Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 61-2g-102
- Evaluation: means an opinion on the market value of real property or real estate that:
(i) is made in accordance with the Interagency Appraisal and Evaluation Guidelines; and (ii) is provided to a financial institution for use in a real estate related transaction for which the regulations of the federal financial institutions regulatory agencies do not require an appraisal. See Utah Code 61-2g-102 - Executive director: means the executive director of the Department of Commerce. See Utah Code 61-2g-102
- Federal financial institutions regulatory agencies: means :
(i) the Board of Governors of the Federal Reserve System; (ii) the Federal Deposit Insurance Corporation; (iii) the Office of the Comptroller of the Currency; and (iv) the National Credit Union Administration. See Utah Code 61-2g-102 - 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
- Financial institution: means an insured:
(i) depository as defined in 12 U. See Utah Code 61-2g-102 - Interagency Appraisal and Evaluation Guidelines: means the guidelines published as Interagency Appraisal and Evaluation Guidelines, 75 Fed. See Utah Code 61-2g-102
- Land: includes :Utah Code 68-3-12.5
- 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
- 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
- Person: means :Utah Code 68-3-12.5
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Real estate: means an identified parcel or tract of land including improvements if any. See Utah Code 61-2g-102
- Real estate related transaction: means :
(i) the sale, lease, purchase, investment in, or exchange of real property or an interest in real property, or the financing of such a transaction; (ii) the refinancing of real property or an interest in real property; or (iii) the use of real property or an interest in real property as security for a loan or investment, including mortgage-backed securities. See Utah Code 61-2g-102 - Real property: means one or more defined interests, benefits, or rights inherent in the ownership of real estate. See Utah Code 61-2g-102
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Review assignment: means an unbiased analysis, opinion, or conclusion that forms an opinion as to the adequacy and appropriateness of a valuation appraisal or an analysis assignment. See Utah Code 61-2g-102
- State-certified general appraiser: means a person who holds a current, valid certification as a state-certified general appraiser issued under this chapter. See Utah Code 61-2g-102
- State-certified residential appraiser: means a person who holds a current, valid certification as a state-certified residential real estate appraiser issued under this chapter. See Utah Code 61-2g-102
- State-licensed appraiser: means a person who holds a current, valid license as a state-licensed appraiser issued under this chapter. See Utah Code 61-2g-102
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Trainee: means an individual who:
(i) does not hold an appraiser license or appraiser certification issued under this chapter; (ii) works under the direct supervision of a state-certified appraiser to earn experience for licensure; and (iii) is registered as a trainee under this chapter. See Utah Code 61-2g-102 - Valuation appraisal: means an unbiased analysis, opinion, or conclusion that estimates the value of an identified parcel of real estate or identified real property at a particular point in time. See Utah Code 61-2g-102