|Article 1||South Carolina Real Estate Appraiser License and Certification Act|
|Article 3||Appraisal Management Company Registration Act|
Terms Used In South Carolina Code > Title 40 > Chapter 60
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Analysis: means a study of real estate or real property other than one estimating value. See South Carolina Code 40-60-20
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- appraisal: means of or pertaining to appraising and related functions including, but not limited to, appraisal practice and appraisal services. See South Carolina Code 40-60-20
- Appraisal Foundation: means the Appraisal Foundation established on November 30, 1987, as a not-for-profit corporation under the laws of Illinois, containing the Appraisal Standards Board (ASB), Appraiser Qualifications Board (AQB), a board of trustees, and other advisory bodies. See South Carolina Code 40-60-20
- Appraisal report: means any communication, written or oral, of an appraisal. See South Carolina Code 40-60-20
- Appraisal subcommittee: means the designees of the heads of the federal financial institutions regulatory agencies established by the Federal Financial Institutions Examination Council Act of 1978 (12 U. See South Carolina Code 40-60-20
- Appraiser: means a person who holds a permit, license, or certification issued by the board that allows the person to appraise real property. See South Carolina Code 40-60-20
- Apprentice appraiser: means an individual authorized by permit to assist a state-certified appraiser in the performance of an appraisal if the apprentice is actively and personally supervised by the certified appraiser. See South Carolina Code 40-60-20
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Board: means the South Carolina Real Estate Appraisers Board established pursuant to the provisions of this chapter. See South Carolina Code 40-60-20
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Continuance: Putting off of a hearing ot trial until a later time.
- Contract: A legal written agreement that becomes binding when signed.
- Conviction: A judgement of guilt against a criminal defendant.
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Department: means the Department of Labor, Licensing and Regulation;
(5) "Director" means the Director of the Department of Labor, Licensing and Regulation or the director's official designee;
(6) "Licensee" means a person granted an authorization to practice pursuant to this article and refers to a person holding a license, permit, certification, or registration granted pursuant to this article;
(7) "Licensing act" means the individual statute or regulations, or both, of each regulated profession or occupation which include, but are not limited to, board governance, the qualifications and requirements for authorization to practice, prohibitions, and disciplinary procedures;
(8) "Person" means an individual, partnership, or corporation;
(9) "Profession" or "occupation" means a profession or occupation regulated or administered, or both, by the department pursuant to this article. See South Carolina Code 40-1-20
- 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.
- Federally related transaction: means any real estate-related financial transaction which a federal financial institution regulatory agency engages in, contracts for, or regulates. See South Carolina Code 40-60-20
- Felony: A crime carrying a penalty of more than a year in prison.
- 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.
- 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
- Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
- Market analysis: means a study of real estate market conditions for a specific type of property. See South Carolina Code 40-60-20
- Mass appraisal: means the process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing. See South Carolina Code 40-60-20
- Mass appraiser: means any appraiser who is employed in the office of a tax assessor to appraise real property for ad valorem tax purposes and who is licensed or certified as a mass appraiser. See South Carolina Code 40-60-20
- 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.
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
- Oath: A promise to tell the truth.
- 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, corporation, partnership, or association, foreign and domestic. See South Carolina Code 40-60-20
- Plaintiff: The person who files the complaint in a civil lawsuit.
- 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.
- Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- Real estate: means an identified parcel or tract of land including improvements, if any. See South Carolina Code 40-60-20
- Real estate appraisal activity: means the act or process of performing an appraisal and preparing an appraisal report. See South Carolina Code 40-60-20
- Real property: means the interests, benefits, and rights inherent in the ownership of real estate. See South Carolina Code 40-60-20
- Service of process: The service of writs or summonses to the appropriate party.
- State-certified general appraiser: means an appraiser authorized to engage in the appraisal of all types of real property. See South Carolina Code 40-60-20
- State-certified general mass appraiser: means an appraiser authorized to engage in all types of real estate mass appraisal activity for ad valorem purposes. See South Carolina Code 40-60-20
- State-certified residential appraiser: means an appraiser authorized to engage in the appraisal of one to four residential units without regard to transaction value or complexity and nonresidential appraisals with a transaction value less than two hundred fifty thousand dollars. See South Carolina Code 40-60-20
- State-certified residential mass appraiser: means an appraiser authorized to engage in the mass appraisal of one to four residential units without regard to value or complexity and nonresidential appraisals with a transaction value less than two hundred fifty thousand dollars. See South Carolina Code 40-60-20
- State-licensed appraiser: means an appraiser authorized to engage in the appraisal of noncomplex one to four residential units having a transaction value less than one million dollars and complex one to four residential units and nonresidential appraisals having a transaction value less than two hundred fifty thousand dollars. See South Carolina Code 40-60-20
- Statute: A law passed by a legislature.
- Subpoena: A command to a witness to appear and give testimony.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Timberland: means forestland that is producing or is capable of producing timber as a crop. See South Carolina Code 40-60-20
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
- USPAP: means the National Uniform Standards of Professional Appraisal Practice as adopted by the Appraisal Standards Board of the Appraisal Foundation and adopted by the board. See South Carolina Code 40-60-20
- Valuation: means an estimate of the value of real estate or real property. See South Carolina Code 40-60-20
- valuation assignment: means an engagement for which an appraiser is employed or retained to act, or would be perceived by third parties or the public as acting, as a disinterested third party in rendering an unbiased analysis, opinion, or conclusion that estimates the value of real estate. See South Carolina Code 40-60-20