| (1) |
Terms Used In Utah Code 61-2g-403- Appraisal: A determination of property value.
- Appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in, or aspect of, identified real estate or identified real property. See Utah Code 61-2g-102
- Appraisal Foundation: means the Appraisal Foundation that was incorporated as an Illinois not-for-profit corporation on November 30, 1987. See Utah Code 61-2g-102
- Board: means the Real Estate Appraiser Licensing and Certification Board that is established in Section 61-2g-204. See Utah Code 61-2g-102
- Concurrence: means that the entities that are given a concurring role jointly agree to an action. See Utah Code 61-2g-102
- Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 61-2g-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means :Utah Code 68-3-12.5
- Real estate: means an identified parcel or tract of land including improvements if any. See Utah Code 61-2g-102
- State-licensed appraiser: means a person who holds a current, valid license as a state-licensed appraiser issued under this chapter. See Utah Code 61-2g-102
| (a) |
A person licensed, certified, or registered under this chapter shall comply with:
| (i) |
generally accepted standards of professional appraisal practice; and |
| (ii) |
generally accepted ethical rules to be observed by a real estate appraiser. |
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| (b) |
Subject to the other provisions of this Subsection (1), generally accepted standards of professional appraisal practice are evidenced by the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Foundation. |
| (c) |
After a public hearing held in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the board, with the concurrence of the division:
| (i) |
shall adopt and may make modifications of or additions to the Uniform Standards of Professional Appraisal Practice as the board considers appropriate to comply with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989; or |
| (ii) |
may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, exempt a person licensed, certified, or registered from complying with a provision of the Uniform Standards of Professional Appraisal Practice for an activity that the person engages in on behalf of a governmental entity. |
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