Sec. 1. (a) As used in this chapter, “appraisal” means an estimation that:

(1) represents the final opinion of the value of real property that is the subject of a real estate transaction; and

Terms Used In Indiana Code 24-5-23.5-1

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • real estate transaction: means a transaction that involves one (1) or both of the following:

    Indiana Code 24-5-23.5-6

(2) serves as the basis for the extension of credit, in the case of a real estate transaction involving the making, refinancing, or consolidation of a mortgage loan.

     (b) The term may include any of the following:

(1) The results of an automated valuation model.

(2) A broker’s price opinion.

(3) A desktop evaluation.

As added by P.L.52-2009, SEC.2.