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

  • Allegation: something that someone says happened.
  • 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: A determination of property value.
  • 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
  • Beneficial stockholder: means a person who owns the beneficial interest in stock, which may be a record stockholder or a person on whose behalf shares of stock are registered in the name of an intermediary or nominee. See Alabama Code 10A-2A-1.40
  • board: The State of Alabama Real Estate Appraisers Board established pursuant to this article. See Alabama Code 34-27A-2
  • board: The State Board of Agriculture and Industries. See Alabama Code 2-22-2
  • brand: A term, design or trademark used in connection with one or several grades of commercial fertilizer or fertilizer material. See Alabama Code 2-22-2
  • BULK FERTILIZERS: Commercial fertilizer distributed to the purchaser in a solid or fluid state in a nonpackaged form. See Alabama Code 2-22-2
  • certificate of incorporation: as used in this chapter is synonymous to the term "certificate of formation" used in Chapter 1. See Alabama Code 10A-2A-1.40
  • COMMERCIAL FERTILIZER: Any substance containing one or more recognized plant nutrients which is used for its plant nutrient content and which is designed for use or claimed to have value in promoting plant growth, except unmanipulated animal and vegetable manures, marl, lime, limestone, basic slag, gypsum and other materials or products regulated under Chapter 23 of this title. See Alabama Code 2-22-2
  • COMMERCIAL VALUE: The value per unit of plant nutrient in dollars and cents as ascertained and published by the commissioner under the provisions of Section 2-22-14, which values shall be used in computing the dollar rates of penalties provided in this chapter. See Alabama Code 2-22-2
  • commissioner: The Commissioner of Agriculture and Industries. See Alabama Code 2-1-1
  • Continuance: Putting off of a hearing ot trial until a later time.
  • cooperative: A cooperative marketing association for marketing of farm products. See Alabama Code 2-1-1
  • court: Every court and judge having jurisdiction in a case. See Alabama Code 10A-1-1.03
  • 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.
  • distributor: Any person who imports, consigns, manufactures, produces, compounds, mixes or blends commercial fertilizer or fertilizer material or who offers for sale, sells, barters or otherwise supplies commercial fertilizer or fertilizer material in this state or for use in this state. See Alabama Code 2-22-2
  • Employee: includes an officer, but not a director. See Alabama Code 10A-2A-1.40
  • 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
  • Expenses: means reasonable expenses of any kind that are incurred in connection with a matter. See Alabama Code 10A-2A-1.40
  • 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

  • FERTILIZER MATERIAL: A commercial fertilizer containing one or more of the recognized plant nutrients, which is used primarily for its plant nutrient content and which either:

    a. See Alabama Code 2-22-2

  • 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
  • foreign corporation: means an entity incorporated or existing under this chapter. See Alabama Code 10A-2A-1.40
  • 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
  • grade: The percentages of total nitrogen, available phosphorus and soluble potassium stated in whole numbers in the same terms, order and percentages as in the guaranteed analysis; provided, that fertilizer materials, bone meal, manures and similar raw materials may be guaranteed in fractional units. See Alabama Code 2-22-2
  • GUARANTEED ANALYSIS: The minimum percentage of plant nutrients claimed in the following order and form:

    a. See Alabama Code 2-22-2
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • label: All written, printed or graphic matter displayed upon the immediate container of or statement accompanying a commercial fertilizer, fertilizer material, soil conditioner or soil amendment. See Alabama Code 2-22-2
  • labeling: All written, printed or graphic matter upon or accompanying any commercial fertilizer, soil conditioner or soil amendment and all advertisements, brochures, posters or television and radio announcements used in promoting the sale of such products. See Alabama Code 2-22-2
  • licensee: A person who has been issued a license to manufacture and sell commercial fertilizer and fertilizer material under the requirements of Section 2-22-5. See Alabama Code 2-22-2
  • OFFICIAL SAMPLE: Any sample of commercial fertilizer or fertilizer material taken by the commissioner or his agent as prescribed in Section 2-22-11 and designated as official by the commissioner. See Alabama Code 2-22-2
  • partnership: Includes a general partnership, a limited liability partnership, a foreign limited liability partnership, a limited partnership, a foreign limited partnership, a limited liability limited partnership, and a foreign limited liability limited partnership. See Alabama Code 10A-1-1.03
  • person: Any individual, partnership, association, firm, corporation or any combination thereof. See Alabama Code 2-22-2
  • 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
  • property: Includes all property, whether real, personal, or mixed, or tangible or intangible, or any right or interest therein. See Alabama Code 10A-1-1.03
  • 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
  • Record stockholder: means (i) the person in whose name shares of stock are registered in the records of the corporation, or (ii) the person identified as the beneficial owner of stock in a beneficial ownership certificate pursuant to Section 10A-2A-7. See Alabama Code 10A-2A-1.40
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • state: Includes, when referring to a part of the United States, a state or commonwealth, and its agencies and governmental subdivisions, and a territory or possession, and its agencies and governmental subdivisions, of the United States. See Alabama Code 10A-1-1.03
  • Stock: means the units into which the proprietary interests in a corporation or foreign corporation are divided. See Alabama Code 10A-2A-1.40
  • Stockholder: means a record stockholder. See Alabama Code 10A-2A-1.40
  • ton: A net weight of 2,000 pounds avoirdupois. See Alabama Code 2-22-2
  • 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
  • Unrestricted voting trust beneficial owner: means , with respect to any stockholder rights, a voting trust beneficial owner whose entitlement to exercise the stockholder right in question is not inconsistent with the voting trust agreement. See Alabama Code 10A-2A-1.40
  • Voting power: means the current power to vote in the election of directors. See Alabama Code 10A-2A-1.40
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