Terms Used In Montana Code > Title 37 > Chapter 54 > Part 2 - Licensure

• Appraisal: A determination of property value.
• Appraisal: means the practice of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice as developed by the appraisal foundation. See Montana Code 37-54-102
• Appraiser: means an individual who holds a license or certification to complete an appraisal assignment in the state where the real property that is the subject of the appraisal assignment is located. See Montana Code 37-54-102
• Board: means the board of real estate appraisers provided for in 2-15-1758. See Montana Code 37-54-102
• Certified real estate appraiser: means a person who develops and communicates real estate appraisals and who has a valid real estate appraisal certificate issued under 37-54-305. See Montana Code 37-54-102
• 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.
• Department: means the department of labor and industry provided for in 2-15-1701. See Montana Code 37-54-102
• Licensed real estate appraiser: means a person who holds a current valid real estate appraiser license issued under 37-54-201. See Montana Code 37-54-102
• 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: means an individual, firm, partnership, association, corporation, or other business entity. See Montana Code 37-54-102
• Real estate appraiser mentor: means a certified real estate appraiser who meets the qualifications set by the board and is approved by the board to supervise licensed real estate appraisal trainees. See Montana Code 37-54-102
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201