Article 1 Real Estate Appraisers 34-27A-1 – 34-27A-29
Article 2 Real Estate Appraisal Management Companies 34-27A-50 – 34-27A-63

Terms Used In Alabama Code > Title 34 > Chapter 27A

  • Appraisal: A determination of property value.
  • appraisal: The act or process of developing an opinion of value of real property; an opinion of the value of real property; of or pertaining to appraising real property and related functions such as appraisal practice or appraisal services. See Alabama Code 34-27A-2
  • APPRAISAL FOUNDATION: The Appraisal Foundation incorporated as an Illinois not-for-profit corporation on November 30, 1987. See Alabama Code 34-27A-2
  • APPRAISAL MANAGEMENT COMPANY: An external third party including, but not limited to, a corporation, partnership, sole proprietorship, subsidiary, or limited liability company, authorized either by a creditor of a consumer credit transaction secured by the principal dwelling of a consumer or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than four certified or licensed appraisers in a state or 25 or more nationally in a given year, that perform appraisal management services. See Alabama Code 34-27A-2
  • APPRAISAL MANAGEMENT SERVICES: To directly or indirectly perform any of the following functions for a fee on behalf of a lender, financial institution, or any other entity:

    a. See Alabama Code 34-27A-2

  • APPRAISAL REPORT: Any communication, written or oral, of an appraisal. See Alabama Code 34-27A-2
  • APPRAISAL REVIEW: The act of developing and communicating an opinion about the quality of the work of another appraiser 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 is not an appraisal review. See Alabama Code 34-27A-2
  • APPRAISAL SUBCOMMITTEE: The appraisal subcommittee of the Federal Financial Institutions Examination Council. See Alabama Code 34-27A-2
  • appraiser: A person who holds a license or certification to complete a real estate appraisal in the state where real property that is the subject of the appraisal is located. See Alabama Code 34-27A-2
  • APPRAISER INDEPENDENCE: The ability of an appraiser to provide an appraisal or appraisal review services in exchange for a customary and reasonable fee without coercion, extortion, collusion, inducement, intimidation, bribery, or any other action by a regulated party intended to influence the opinion rendered by an appraiser. See Alabama Code 34-27A-2
  • APPRAISER PANEL: A network of licensed or certified appraisers who are independent contractors of an appraisal management company. See Alabama Code 34-27A-2
  • board: The State of Alabama Real Estate Appraisers Board established pursuant to this article. See Alabama Code 34-27A-2
  • 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.
  • evaluation: A valuation of real property for a lending institution which is permitted by rules of any federal financial institution regulatory agency for transactions that do not require an appraisal. See Alabama Code 34-27A-2
  • EXECUTIVE DIRECTOR: The chief administrative employee of the board. See Alabama Code 34-27A-2
  • EXPERIENCE POINTS: The allowable credit for appraisal of particular types of properties. See Alabama Code 34-27A-2
  • FEDERAL FINANCIAL INSTITUTIONS REGULATORY AGENCIES: 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, and the National Credit Union Administration. See Alabama Code 34-27A-2
  • FEDERALLY RELATED TRANSACTION: Any real estate-related financial transaction which:

    a. See Alabama Code 34-27A-2

  • FINANCIAL INSTITUTION: An insured depository institution as defined in Section 3 of the Federal Deposit Insurance Act or an insured credit union as defined in Section 101 of the Federal Credit Union Act. See Alabama Code 34-27A-2
  • GEOGRAPHIC COMPETENCY: The familiarity of an appraiser with a market or a geographic area applicable to the problem to be addressed in an appraisal or an appraisal review assignment. See Alabama Code 34-27A-2
  • Juror: A person who is on the jury.
  • PRINCIPAL CONTACT: An individual employed, appointed, or authorized by an appraisal management company to serve as the principal contact for the board. See Alabama Code 34-27A-2
  • REAL ESTATE: An identified parcel or tract of land, including improvements, if any. See Alabama Code 34-27A-2
  • REAL ESTATE APPRAISAL SERVICES: The practice of accepting an assignment to develop and report an opinion on the value of real property in conformance with the Uniform Standards of Professional Appraisal Practice published by the Appraisal Foundation. See Alabama Code 34-27A-2
  • REAL ESTATE-RELATED FINANCIAL TRANSACTION: Any transaction involving any of the following:

    a. See Alabama Code 34-27A-2

  • REAL PROPERTY: One or more defined interests, benefits, and rights inherent in the ownership of real estate. See Alabama Code 34-27A-2
  • 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