As used in this act:
(1)  "Affiliate" means any company that controls, is controlled by or is under common control with another company.

Terms Used In Idaho Code 54-4122

  • Appraisal: A determination of property value.
  • Appraisal review: means the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment. See Idaho Code 54-4104
  • appraiser: means a person who, for a fee or other valuable consideration or the expectation thereof, develops and communicates real estate appraisals or otherwise gives an opinion of the value of real estate or any interest therein. See Idaho Code 54-4104
  • Board: means the real estate appraiser board. See Idaho Code 54-4104
  • 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.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • foundation: means the appraisal foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois. See Idaho Code 54-4104
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Month: means a calendar month, unless otherwise expressed. See Idaho Code 73-114
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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 as well as a natural person;
Idaho Code 73-114
  • real estate: means and includes leaseholds as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold and whether situated in this state or elsewhere. See Idaho Code 54-4104
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
    • (2)  "AMC national registry" means the registry of state-registered appraisal management companies and federally regulated appraisal management companies maintained by the appraisal subcommittee.
    (3)  (a) "Appraisal management company" or "AMC" means a person that:
    (i)   Provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates;
    (ii)  Provides such services in connection with valuing a consumer’s principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations; and
    (iii) Within a given calendar year, oversees an appraiser panel of more than fifteen (15) state-certified or state-licensed appraisers in this state or twenty-five (25) or more state-certified or state-licensed appraisers in two (2) or more states.
    (b)  The term "appraisal management company" or "AMC" does not include a department or division of an entity that provides appraisal management services only to that entity.
    (4)  "Appraisal management services" means one (1) or more of the following:
    (a)  Recruiting, selecting and retaining appraisers;
    (b)  Contracting with state-certified or state-licensed appraisers to perform appraisal assignments;
    (c)  Managing the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and secondary market participants, collecting fees from creditors and secondary market participants for services provided, and paying appraisers for services performed; and
    (d)  Reviewing and verifying the work of appraisers.
    (5)  "Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment. The term does not include:
    (a)  A general examination of an appraisal for grammatical, typographical, mathematical or other similar administrative errors; and
    (b)  A general examination for completeness, including regulatory or client requirements as specified in the agreement process that do not involve the appraiser’s professional judgment, including compliance with the elements of the client’s statement of work.
    (6)  "Appraiser panel" means a network, list or roster of licensed or certified appraisers approved by an AMC to perform appraisals as independent contractors for the AMC. Appraisers on an AMC’s appraiser panel under this act include both appraisers accepted by the AMC for consideration for future appraisal assignments in covered transactions, or for secondary mortgage market participants in connection with covered transactions, and appraisers engaged by the AMC to perform one (1) or more appraisals in covered transactions, or for secondary mortgage market participants in connection with covered transactions. An appraiser is an independent contractor for the purposes of this act if the appraiser is treated as an independent contractor by the AMC for purposes of federal income taxation.
    (7)  "Board" means the real estate appraiser board created in section 54-4106, Idaho Code.
    (8)  "Consumer credit" means credit offered or extended to a consumer primarily for personal, family or household purposes.
    (9) "Controlling person" means:
    (a)  An owner, officer or director of, or a natural person who holds greater than ten percent (10%) ownership interest in, a corporation, partnership or other business entity seeking to offer appraisal management services in Idaho; or
    (b)  An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company.
    (10) "Covered transaction" means any consumer credit transaction secured by the consumer’s principal dwelling.
    (11) "Creditor" means:
    (a)  A person who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four (4) installments, not including a down payment, and to whom the obligation is initially payable, either on the face of the note or contract or by agreement when there is no note or contract; or
    (b)  A person who regularly extends consumer credit if the person extended credit, other than credit subject to the requirements of 12 C.F.R. § 1026.32, more than five (5) times for transactions secured by a dwelling in the preceding calendar year. If a person did not meet these numerical standards in the preceding calendar year, the numerical standards shall be applied to the current calendar year. A person regularly extends consumer credit if, in any twelve (12) month period, the person originates more than one (1) credit extension that is subject to the requirements of 12 C.F.R. § 1026.32, or one (1) or more such credit extensions through a mortgage broker.
    (12)  "Division" means the division of occupational and professional licenses.
    (13) "Dwelling" means a residential structure that contains one (1) to four (4) units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home and trailer, if it is used as a residence. A consumer can have only one (1) principal dwelling at a time. A vacation or other second home is not a principal dwelling. However, if a consumer buys or builds a new dwelling that will become the consumer’s principal dwelling within one (1) year or upon the completion of construction, the new dwelling is considered the principal dwelling for purposes of this section.
    (14) "Federally regulated AMC" means an AMC that is owned and controlled by an insured depository institution, as defined in 12 U.S.C. § 1813, and regulated by the office of the comptroller of the currency, the board of governors of the federal reserve system or the federal deposit insurance corporation.
    (15) "Person" means a natural person or an organization, including a corporation, partnership, proprietorship, association, cooperative, estate, trust or government unit.
    (16) "Secondary mortgage market participant" means a guarantor or insurer of mortgage-backed securities or an underwriter or issuer of mortgage-backed securities. Secondary mortgage market participant includes an individual investor in a mortgage-backed security only if that investor also serves in the capacity of a guarantor, insurer, underwriter or issuer for the mortgage-backed security.
    (17) "Uniform standards of professional appraisal practice" or "USPAP" means the appraisal standards promulgated by the appraisal standards board of the appraisal foundation.