Delaware Code Title 24 Sec. 4023 – Exemptions from registration
Current as of: 2023 | Check for updates
|
Other versions
Nothing in this chapter shall apply to:
(1) An appraisal management company that is a subsidiary owned and controlled by a financial institution that is subject to direct regulation by an agency of the United States government or of this State.
(2) A corporation, partnership, sole proprietorship, subsidiary or other business entity that employs real estate appraisers exclusively on an employer and employee basis for the performance of all real property appraisal services in the normal course of its business and that is responsible for ensuring that the real property appraisal services being performed by its employees are being performed in accordance with Uniform Standards of Professional Appraisal Practice and federal and state law.
Terms Used In Delaware Code Title 24 Sec. 4023
- Appraisal: A determination of property value.
- Appraisal: shall mean an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate as of a specific date. See Delaware Code Title 24 Sec. 4002
- Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary or other business entity that directly or indirectly performs appraisal management services, regardless of the use of the term "appraisal management company" "mortgage technology provider" "lender processing services" "lender services" "loan processor" "mortgage services" "real estate closing services provider" "settlement services provider" "vendor management company" or any other term, and that does any of the following:
- 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.
- 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.
- Real property: shall mean 1 or more defined interests, benefits, and rights inherent in the ownership of real estate. See Delaware Code Title 24 Sec. 4002
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: shall mean the State of Delaware. See Delaware Code Title 24 Sec. 4002
- United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302