Terms Used In Utah Code > Title 61 > Chapter 2g - Real Estate Appraiser Licensing and Certification Act

• Adjudicative proceeding: means :Utah Code 68-3-12.5
• 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.
• Affiliate: means a person who controls, is controlled by, or is under common control with, another person. See Utah Code 31A-1-301
• 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 unbiased analysis, opinion, or conclusion that relates to the nature, quality, or utility of identified real estate or identified real property. See Utah Code 61-2g-102
• 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.
• Application: means a document:

  (a)

  (i)  completed by an applicant to provide information about the risk to be insured; and (ii)  that contains information that is used by the insurer to evaluate risk and decide whether to: (A)  insure the risk under: (I)  the coverage as originally offered; or (II)  a modification of the coverage as originally offered; or (B)  decline to insure the risk; or

  (b)

  used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301 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 Appraisal report: means a communication, written or oral, of an appraisal. See Utah Code 61-2g-102 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Board: means the Real Estate Appraiser Licensing and Certification Board that is established in Section 61-2g-204. See Utah Code 61-2g-102 Certified appraisal report: means a written or oral appraisal report that is certified by a state-certified general appraiser or state-certified residential appraiser. 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 Consultation service: means an engagement to provide a real estate valuation service analysis, opinion, conclusion, or other service that does not fall within the definition of appraisal. See Utah Code 61-2g-102 Contingent fee: means a fee or other form of compensation, payment of which is dependent on or conditioned by: (i)  the reporting of a predetermined analysis, opinion, or conclusion by the person performing the analysis, opinion, or conclusion; or (ii)  achieving a result specified by the person requesting the analysis, opinion, or conclusion. See Utah Code 61-2g-102 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. Credential: means a state-issued registration, license, or certification that allows an individual to perform any act or service that requires licensure or certification under this chapter. See Utah Code 61-2g-102 Dependent: A person dependent for support upon another. Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 61-2g-102 Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301 Evaluation: means an opinion on the market value of real property or real estate that: (i)  is made in accordance with the Interagency Appraisal and Evaluation Guidelines; and (ii)  is provided to a financial institution for use in a real estate related transaction for which the regulations of the federal financial institutions regulatory agencies do not require an appraisal. See Utah Code 61-2g-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. Executive director: means the executive director of the Department of Commerce. See Utah Code 61-2g-102 Federal financial institutions regulatory agencies: means : (i)  the Board of Governors of the Federal Reserve System; (ii)  the Federal Deposit Insurance Corporation; (iii)  the Office of the Comptroller of the Currency; and (iv)  the National Credit Union Administration. See Utah Code 61-2g-102 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 Filed: means that a filing is: (i)  submitted to the department as required by and in accordance with applicable statute, rule, or filing order; (ii)  received by the department within the time period provided in applicable statute, rule, or filing order; and (iii)  accompanied by the appropriate fee in accordance with: (A)  Section 31A-3-103; or (B)  rule. See Utah Code 31A-1-301 Financial institution: means an insured: (i)  depository as defined in 12 U. See Utah Code 61-2g-102 Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. See Utah Code 31A-1-301 Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Fraud: Intentional deception resulting in injury to another. Health organization: means : (a)  an entity that is authorized under Chapter 7, Nonprofit Health Service Insurance Corporations, or Chapter 8, Health Maintenance Organizations and Limited Health Plans; and (b)  that is: (i)  a health maintenance organization; (ii)  a limited health service organization; (iii)  a dental or vision plan; (iv)  a hospital, medical, and dental indemnity or service corporation; or (v)  other managed care organization. See Utah Code 31A-17-601 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Insurance: includes : (i)  a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; (ii)  a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and (iii)  a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 Interagency Appraisal and Evaluation Guidelines: means the guidelines published as Interagency Appraisal and Evaluation Guidelines, 75 Fed. See Utah Code 61-2g-102 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. Land: includes :Utah Code 68-3-12.5 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. minimum required capital: means the capital that must be constantly maintained by a stock insurance corporation as required by statute. See Utah Code 31A-1-301 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301 National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC 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. Order: means an order of the commissioner. See Utah Code 31A-1-301 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 :Utah Code 68-3-12.5 Person: includes : (a)  an individual; (b)  a partnership; (c)  a corporation; (d)  an incorporated or unincorporated association; (e)  a joint stock company; (f)  a trust; (g)  a limited liability company; (h)  a reciprocal; (i)  a syndicate; or (j)  another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301 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. Policy: includes a service contract issued by: (i)  a motor club under Chapter 11, Motor Clubs; (ii)  a service contract provided under Chapter 6a, Service Contracts; and (iii)  a corporation licensed under: (A)  Chapter 7, Nonprofit Health Service Insurance Corporations; or (B)  Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301 Premium: includes , however designated: (i)  an assessment; (ii)  a membership fee; (iii)  a required contribution; or (iv)  monetary consideration. See Utah Code 31A-1-301 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301 Property: includes both real and personal property. See Utah Code 68-3-12.5 Quorum: The number of legislators that must be present to do business. Rate: means : (i)  the cost of a given unit of insurance; or (ii)  for property or casualty insurance, that cost of insurance per exposure unit either expressed as: (A)  a single number; or (B)  a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of: (I)  expenses; (II)  profit; and (III)  individual insurer variation in loss experience. See Utah Code 31A-1-301 RBC: means risk-based capital. See Utah Code 31A-17-601 RBC plan: means a comprehensive financial plan containing the elements specified in Subsection 31A-17-603(2). See Utah Code 31A-17-601 RBC report: means the report required in Section 31A-17-602. See Utah Code 31A-17-601 Real estate: means an identified parcel or tract of land including improvements if any. See Utah Code 61-2g-102 Real estate related transaction: means : (i)  the sale, lease, purchase, investment in, or exchange of real property or an interest in real property, or the financing of such a transaction; (ii)  the refinancing of real property or an interest in real property; or (iii)  the use of real property or an interest in real property as security for a loan or investment, including mortgage-backed securities. See Utah Code 61-2g-102 Real property: means one or more defined interests, benefits, or rights inherent in the ownership of real estate. See Utah Code 61-2g-102 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Review assignment: means an unbiased analysis, opinion, or conclusion that forms an opinion as to the adequacy and appropriateness of a valuation appraisal or an analysis assignment. See Utah Code 61-2g-102 Service of process: The service of writs or summonses to the appropriate party. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5 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 State-certified general appraiser: means a person who holds a current, valid certification as a state-certified general appraiser issued under this chapter. See Utah Code 61-2g-102 State-certified residential appraiser: means a person who holds a current, valid certification as a state-certified residential real estate appraiser issued under this chapter. 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 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Testimony: Evidence presented orally by witnesses during trials or before grand juries. Total adjusted capital: means the sum of an insurer's or health organization's statutory capital and surplus as determined in accordance with: (a)  the statutory accounting applicable to the annual financial statements required to be filed under Section 31A-4-113; and (b)  another item provided by the RBC instructions, as RBC instructions is defined in Section 31A-17-601. See Utah Code 31A-1-301 Trainee: means an individual who: (i)  does not hold an appraiser license or appraiser certification issued under this chapter; (ii)  works under the direct supervision of a state-certified appraiser to earn experience for licensure; and (iii)  is registered as a trainee under this chapter. See Utah Code 61-2g-102 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Valuation appraisal: means an unbiased analysis, opinion, or conclusion that estimates the value of an identified parcel of real estate or identified real property at a particular point in time. See Utah Code 61-2g-102 Writing: includes :Utah Code 68-3-12.5