Terms Used In Tennessee Code > Title 62 > Chapter 39 - State Licensing and Certified Real Estate Appraisers Law

• AMC National Registry: means the registry of state-registered AMCs and federally regulated AMCs maintained by the appraisal subcommittee. See Tennessee Code 62-39-402
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Analysis assignment: means an analysis, opinion or conclusion prepared by a real estate appraiser that relates to the nature, quality or utility of identified real estate or identified real property. See Tennessee Code 62-39-102
• Appraisal: A determination of property value.
• Appraisal: means the act or process of developing an opinion of value of identified real estate. See Tennessee Code 62-39-402
• Appraisal: means the act or process of developing an opinion of value of identified real estate. See Tennessee Code 62-39-102
• Appraisal 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 relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real estate. See Tennessee Code 62-39-102
• Appraisal foundation: means the appraisal foundation incorporated as an Illinois not for profit corporation on November 30, 1987. See Tennessee Code 62-39-102
• Appraisal management services: means one (1) or more of the following:
  (A) Recruiting, selecting, and retaining appraisers. See Tennessee Code 62-39-402
• Appraisal report: means any communication, written or oral, of an opinion of value of identified real estate. See Tennessee Code 62-39-102
• Appraiser: means an individual who holds a license under part 1 of this chapter. See Tennessee Code 62-39-402
• Appraiser panel: means a network, list, or roster of appraisers approved by an AMC to perform appraisals as independent contractors for the AMC. See Tennessee Code 62-39-402
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commission: means the real estate appraiser commission created by §. See Tennessee Code 62-39-402
• Commission: means the real estate appraiser commission established pursuant to §. See Tennessee Code 62-39-102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consumer credit: means credit offered or extended to a consumer primarily for personal, family, or household purposes. See Tennessee Code 62-39-402
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means :
  (A) An owner, officer or director of a corporation, partnership, or other business entity seeking to offer appraisal management services in this state. See Tennessee Code 62-39-402
• 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.
• County mayor: means and includes "county executive" unless the context clearly indicates otherwise. See Tennessee Code 1-3-105
• Court: means the juvenile court having jurisdiction over the person of the child, or, if no juvenile court has jurisdiction over the child, then the juvenile court in the county in which the child resides. See Tennessee Code 37-2-402
• 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.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dwelling: includes individual condominium units, cooperative units, mobile homes, and trailers, if used as a residence. See Tennessee Code 62-39-402
• 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.
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{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.
• 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.
• 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.
• Parent: means the natural parent or legal guardian, except in cases when guardianship is held by an agency pursuant to a determination of abandonment or surrender of parental rights. See Tennessee Code 37-2-402
• 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: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Person: means a natural person or an entity, including a corporation, limited liability company, partnership, sole proprietorship, association, cooperative, estate, trust, or government unit. See Tennessee Code 62-39-402
• Personal representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• 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.
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• 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 Tennessee Code 62-39-102
• Real estate appraisal activity: means the act or process of making an appraisal of real estate or real property and preparing an appraisal report. See Tennessee Code 62-39-102
• Real estate appraiser: means a person who engages in real estate appraisal activity for a fee or other valuable consideration. See Tennessee Code 62-39-102
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real property: means one (1) or more defined interests, benefits and rights inherent in the ownership of real estate. See Tennessee Code 62-39-102
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
• 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.
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Review assignment: means an analysis, opinion or conclusion prepared by a real estate appraiser that forms an opinion as to the adequacy and appropriateness of a valuation appraisal or an analysis assignment. See Tennessee Code 62-39-102
• Service of process: The service of writs or summonses to the appropriate party.
• signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
• Specialized services: means those appraisal services that do not fall within the definition of appraisal assignment. See Tennessee Code 62-39-102
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• State certified real estate appraiser: means a person who develops and communicates real estate appraisals and who holds a current, valid certificate issued to the person for either general or residential real estate under this chapter. See Tennessee Code 62-39-102
• State licensed real estate appraiser: means a person who holds a current, valid real estate appraiser license issued pursuant to this chapter. See Tennessee Code 62-39-102
• States: means the fifty (50) states, the District of Columbia and the territories of Guam, Mariana Islands, Puerto Rico, and the U. See Tennessee Code 62-39-402
• Subpoena: A command to a witness to appear and give testimony.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trustee: A person or institution holding and administering property in trust.
• 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 appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation. See Tennessee Code 62-39-402
• Valuation appraisal: refers to an analysis, opinion or conclusion prepared by a real estate appraiser that estimates the value of an identified parcel of real estate or identified real property at a particular point in time. See Tennessee Code 62-39-102
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105