Terms Used In New York Laws > Executive > Article 6-H
- AMC: means an individual or business entity that:
(a) provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates;
(b) provides such services in connection with valuing a consumer's real property as security for consumer credit transactions secured by a consumer's principal dwelling; and
(c) within a given year, oversees an appraisal panel of more than fifteen appraisers working in New York state or twenty-five or more appraisers working in two or more states. See N.Y. Executive Law 160-AAAA
- Appraisal: A determination of property value.
- Appraisal management services: means to, directly or indirectly, provide any of the following services on behalf of a lender, financial institution, client, or any other person in connection with valuing a consumer's principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations:
(a) administer an appraiser panel;
(b) recruit, retain or select appraisers;
(c) qualify or verify licensing or certification and negotiate fees and service level expectations with persons who are part of an appraiser panel;
(d) contract with appraisers to perform appraisal assignments;
(e) receive an order for an appraisal from one person, and deliver the order for the appraisal to an appraiser that is part of an appraiser panel for completion;
(f) manage the process of having an appraisal performed, including providing administrative duties, such as receiving appraisal orders and reports, submitting completed appraisal reports to creditors and underwriters for services provided, and reimbursing appraisers for services performed;
(g) track and determine the status of orders for appraisals;
(h) conduct quality control of a completed appraisal prior to the delivery of the appraisal to the person that ordered the appraisal;
(i) provide a completed appraisal performed by an appraiser to one or more clients; or
(j) compensate appraisers for services rendered. See N.Y. Executive Law 160-AAAA
- 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 assignment. See N.Y. Executive Law 160-AAAA
- Appraiser: means a person licensed or certified pursuant to article six-E of this chapter. See N.Y. Executive Law 160-AAAA
- Appraiser panel: means a network, list or roster of licensed or certified appraisers approved by the appraisal management company to perform appraisals as independent contractors of the appraisal management company. See N.Y. Executive Law 160-AAAA
- Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
- Arrest: Taking physical custody of a person by lawful authority.
- Board: means the state board of real estate appraisal which shall advise the department, as necessary, on implementation of, and enforcement of this article. See N.Y. Executive Law 160-AAAA
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Conviction: A judgement of guilt against a criminal defendant.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Dealer: shall mean a person engaged in the business of selling snowmobiles at wholesale or retail. See N.Y. Parks, recreation and historic preservation Law 21.05
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Department: means the New York state department of state. See N.Y. Executive Law 160-AAAA
- Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
- Executive officer: shall mean :
(a) In the case of a county, the county executive unless there is none, in which case it shall mean the county manager if there is one, or the chairman of the county legislative body if there is neither a county executive nor county manager. See N.Y. Parks, recreation and historic preservation Law 21.05
- Felony: A crime carrying a penalty of more than a year in prison.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Highway: shall mean the entire width between the boundary lines of any way or place when any part thereof is open to the use of the public, as a matter of right, for the purpose of vehicular traffic. See N.Y. Parks, recreation and historic preservation Law 21.05
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Oath: A promise to tell the truth.
- 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.
- Operate: shall mean to ride in or on, other than as a passenger, or use or control the operation of a snowmobile in any manner, whether or not said snowmobile is under way. See N.Y. Parks, recreation and historic preservation Law 21.05
- Operator: shall mean every person who operates or is in actual physical control of a snowmobile. See N.Y. Parks, recreation and historic preservation Law 21.05
- Owner: shall mean any person having title to a snowmobile. See N.Y. Parks, recreation and historic preservation Law 21.05
- 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, partnership, corporation, or any other entity recognized under New York state law. See N.Y. Executive Law 160-AAAA
- Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Real estate: means an identified parcel or tract of land, including improvements, if any. See N.Y. Executive Law 160-AAAA
- real estate appraisal: means an analysis, opinion or conclusion relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real estate. See N.Y. Executive Law 160-AAAA
- Real property: means the interest, benefits, and rights inherent in the ownership of real estate. See N.Y. Executive Law 160-AAAA
- Register: shall mean the act of assigning a registration number to a snowmobile. See N.Y. Parks, recreation and historic preservation Law 21.05
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Roadway: shall mean that portion of a highway improved, designed, or ordinarily used for vehicular travel, exclusive of the shoulder. See N.Y. Parks, recreation and historic preservation Law 21.05
- Shoulder: shall mean that portion of a highway which lies outside the paved or unpaved roadway immediately adjacent to the portion of the roadway which may be used by motor vehicles. See N.Y. Parks, recreation and historic preservation Law 21.05
- Snowmobile: shall mean a self-propelled vehicle equipped with a motor, originally manufactured and designed for travel on snow or ice, steered by skis or runners and supported in whole or in part by one or more skis, belts or tracked cleats. See N.Y. Parks, recreation and historic preservation Law 21.05
- Subpoena: A command to a witness to appear and give testimony.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
- USPAP: means the appraisal standards promulgated by the appraisal standards board of the appraisal foundation. See N.Y. Executive Law 160-AAAA