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
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Ex officio: Literally, by virtue of one's office.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fraud: Intentional deception resulting in injury to another.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
- 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
- Personal property: All property that is not real property.
- Quorum: The number of legislators that must be present to do business.
- 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: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Subpoena: A command to a witness to appear and give testimony.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trustee: A person or institution holding and administering property in trust.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
- User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
- USPAP: means the appraisal standards promulgated by the appraisal standards board of the appraisal foundation. See N.Y. Executive Law 160-AAAA