Terms Used In Montana Code > Title 37 > Chapter 54 > Part 4 - Regulation of Practice

• 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
• Appraisal foundation: means the appraisal foundation incorporated as a not-for-profit corporation on November 30, 1987, pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, 12 U. 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.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Person: means an individual, firm, partnership, association, corporation, or other business entity. 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
• Writing: includes printing. See Montana Code 1-1-203