Terms Used In Arizona Laws > Title 32 > Chapter 36 > Article 1 - General Provisions

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Appraisal: A determination of property value.
• Appraisal assignment: means an engagement for which a real estate appraiser is employed or retained to act, or would be perceived by third parties or the public in acting, as a disinterested third party in rendering an unbiased analysis, opinion or conclusion relating to the nature, quality, value or utility of specified interests in or aspects of identified real estate. See Arizona Laws 32-3601
• Appraisal foundation: means the appraisal foundation incorporated as an Illinois nonprofit corporation on November 30, 1987. See Arizona Laws 32-3601
• Appraisal report: means any communication, written or oral, of an appraisal. See Arizona Laws 32-3601
• Appraisal review: means the act of reviewing or the report that follows a review of an appraisal assignment or appraisal report in which a real estate appraiser forms an opinion as to the adequacy and appropriateness of the report being reviewed. See Arizona Laws 32-3601
• Appraisal standards board: means the appraisal standards board appointed by the board of trustees of the appraisal foundation to develop, interpret and amend the uniform standards of professional appraisal practice. See Arizona Laws 32-3601
• Appraisal subcommittee: means the subcommittee of the federal financial institutions examination council created pursuant to 12 United States Code § 3310 and chapter 34A, as amended. See Arizona Laws 32-3601
• Appraiser qualifications board: means the appraiser qualifications board that is appointed by the board of trustees of the appraisal foundation to establish the minimum education, experience and examination requirements for real estate appraisers. See Arizona Laws 32-3601
• 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.
• 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.
• Course approval: means the act of the deputy director reviewing course materials to form an opinion as to the adequacy and appropriateness of the course for licensing pursuant to section 32-3613, certification pursuant to section 32-3614 and continuing education as prescribed in section 32-3625 in accordance with the appraiser qualifications board and this chapter. See Arizona Laws 32-3601
• Department: means the department of insurance and financial institutions. See Arizona Laws 32-3601
• Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 32-3601
• Federal financial institutions examination council: means that agency of the federal government created pursuant to 12 United States Code chapters 34 and 34A, as amended. See Arizona Laws 32-3601
• 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.
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• 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.
• 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: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Property: includes both real and personal property. See Arizona Laws 1-215
• Property tax agent: means an individual who is designated by a person or is an employee of an entity designated as an agent pursuant to section 42-16001, who acts on behalf of a person who owns, controls or possesses property valued by a county assessor and who receives a fee for the analysis of any matter relating to the review of the valuation of the person's property before the assessor. See Arizona Laws 32-3601
• Real estate: means an identified parcel or tract of land, including improvements, if any. See Arizona Laws 32-3601
• real estate appraisal: means a statement that is independently and impartially prepared by an individual setting forth an opinion as to the market value of real property as of a specific date and supported by the presentation and analysis of relevant market information. See Arizona Laws 32-3601
• Real estate related financial transaction: means any transaction involving the sale of, lease of, purchase of, investment in or exchange of real property, including interests in property or the financing of property, the refinancing of real property or interests in real property and the use of real property or interests in property as security for a loan or investment, including mortgage-backed securities. See Arizona Laws 32-3601
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real property: means one or more defined interests, benefits and rights inherent in the ownership of real estate. See Arizona Laws 32-3601
• Registered trainee appraiser: means a person who meets both of the following requirements:

  (a) Is registered with the deputy director and meets the appraiser qualifications board's qualifications for trainee appraisers to perform appraisal services only under the direct supervision of a certified appraiser who has met the minimum criteria to be a supervisory appraiser. See Arizona Laws 32-3601

• Standards of professional appraisal practice: means the uniform standards of professional appraisal practice promulgated by the appraisal standards board of the appraisal foundation. See Arizona Laws 32-3601
• State-licensed or state-certified appraiser: means a person who develops and communicates appraisals and who holds a current, valid license or certificate issued under this chapter. See Arizona Laws 32-3601
• Supervisory appraiser: means a state-certified appraiser who has a supervisory appraiser designation and who:

  (a) Has been in good standing for the last three years in the jurisdiction in which the registered trainee appraiser practices. See Arizona Laws 32-3601

• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Value: means the monetary relationship between properties and those who buy, sell or use those properties. See Arizona Laws 32-3601