Terms Used In Utah Code > Title 61 > Chapter 2e > Part 3 - Operational Requirements

• Applicable appraisal standards: means :

  (a)	the Uniform Standards for Professional Appraisal Practice: (i)  published by the Appraisal Foundation; and (ii)  as adopted under Section 61-2g-403;

  (b)	Chapter 2g, Real Estate Appraiser Licensing and Certification Act; and

  (c)

  rules made by the board under Chapter 2g, Real Estate Appraiser Licensing and Certification Act. See Utah Code 61-2e-102 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 Appraisal report: means the same as that term is defined in Section 61-2g-102. 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 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 Contract: A legal written agreement that becomes binding when signed. 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 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. Division: means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-102 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 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Property: includes both real and personal property. 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 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 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 Writing: includes :Utah Code 68-3-12.5