Terms Used In Utah Code > Title 61 > Chapter 2e > Part 2 - Registration

• Allegation: something that someone says happened.
• Appraisal: A determination of property value.
• Appraisal: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
• Appraisal management service: means :

  (a)	recruiting, selecting, or retaining an appraiser;

  (b)	contracting with an appraiser to perform a real estate appraisal activity for a client;

  (c)

  managing the appraisal process, including one or more of the following administrative services: (i)  receiving an appraisal order or an appraisal report; (ii)  submitting a completed appraisal report to a client; (iii)  collecting a fee from a client for a service provided; or (iv)  paying an appraiser for a real estate appraisal activity; or

  (d)

  reviewing or verifying the work of an appraiser. See Utah Code 61-2e-102 Appraiser: means an individual who engages in a real estate appraisal activity. See Utah Code 61-2e-102 Appraiser panel: includes an appraiser whom the appraisal management company has: (i)  accepted for consideration for a future appraisal assignment: (A)  in a residential mortgage loan transaction; or (B)  for a secondary mortgage market participant in connection with a residential mortgage loan transaction; or (ii)  engaged to perform an appraisal: (A)  in a residential mortgage loan transaction; or (B)  for a secondary mortgage market participant in connection with a residential mortgage loan transaction. See Utah Code 61-2e-102 Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102 Client: means a person that enters into an agreement with an appraisal management company for the performance of a real estate appraisal activity. See Utah Code 61-2e-102 Concurrence: means that the entities that are given a concurring role must jointly agree before an action may be taken. See Utah Code 61-2e-102 Controlling person: means : (a)  an owner, officer, or director of an entity seeking to offer appraisal management services; (b)  an individual employed, appointed, or authorized by an appraisal management company who has the authority to: (i)  enter into a contractual relationship with a client for the performance of an appraisal management service; and (ii)  enter into an agreement with an appraiser for the performance of a real estate appraisal activity; or (c)  a person who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. See Utah Code 61-2e-102 Conviction: A judgement of guilt against a criminal defendant. Director: means the director of the division. See Utah Code 61-2e-102 Division: means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-102 Entity: means : (a)  a corporation; (b)  a partnership; (c)  a sole proprietorship; (d)  a limited liability company; (e)  another business entity; or (f)  a subsidiary or unit of an entity described in Subsections (18)(a) through (e). See Utah Code 61-2e-102 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 regulated appraisal management company: means an appraisal management company that is: (a)  owned and controlled by an insured depository institution, as defined in 12 U. See Utah Code 61-2e-102 Fraud: Intentional deception resulting in injury to another. Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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. Person: means an individual or an entity. See Utah Code 61-2e-102 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. Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Real estate appraisal activity: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102 Service of process: The service of writs or summonses to the appropriate party. State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5 Territory: means any of the following United States territories: (a)  Guam; (b)  Northern Mariana Islands; (c)  Puerto Rico; or (d)  United States Virgin Islands. See Utah Code 61-2e-102