Utah Code > Title 61 > Chapter 2e > Part 3 – Operational Requirements
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Terms Used In Utah Code > Title 61 > Chapter 2e > Part 3 - Operational Requirements
- Applicable appraisal standards: means :
(a) the Uniform Standards for Professional Appraisal Practice: (i) published by the Appraisal Foundation; and (ii) as adopted under Section 61-2g-403; (b) Chapter 2g, Real Estate Appraiser Licensing and Certification Act; and (c) rules made by the board under Chapter 2g, Real Estate Appraiser Licensing and Certification Act. See Utah Code 61-2e-102 - Appraisal: A determination of property value.
- Appraisal: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
- Appraisal management service: means :
(a) recruiting, selecting, or retaining an appraiser; (b) contracting with an appraiser to perform a real estate appraisal activity for a client; (d) reviewing or verifying the work of an appraiser. See Utah Code 61-2e-102 - Appraisal report: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
- Appraiser: means an individual who engages in a real estate appraisal activity. See Utah Code 61-2e-102
- Appraiser panel: includes an appraiser whom the appraisal management company has:
(i) accepted for consideration for a future appraisal assignment: (A) in a residential mortgage loan transaction; or (B) for a secondary mortgage market participant in connection with a residential mortgage loan transaction; or (ii) engaged to perform an appraisal: (A) in a residential mortgage loan transaction; or (B) for a secondary mortgage market participant in connection with a residential mortgage loan transaction. See Utah Code 61-2e-102 - Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102
- Client: means a person that enters into an agreement with an appraisal management company for the performance of a real estate appraisal activity. See Utah Code 61-2e-102
- Concurrence: means that the entities that are given a concurring role must jointly agree before an action may be taken. See Utah Code 61-2e-102
- Contract: A legal written agreement that becomes binding when signed.
- Controlling person: means :
(a) an owner, officer, or director of an entity seeking to offer appraisal management services; (b) an individual employed, appointed, or authorized by an appraisal management company who has the authority to: (i) enter into a contractual relationship with a client for the performance of an appraisal management service; and (ii) enter into an agreement with an appraiser for the performance of a real estate appraisal activity; or (c) a person who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. See Utah Code 61-2e-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.
- Division: means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means an individual or an entity. See Utah Code 61-2e-102
- 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 appraisal activity: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
- Writing: includes :Utah Code 68-3-12.5