Terms Used In Utah Code > Title 61 > Chapter 2g > Part 1 - General Provisions

• 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
• 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
• Board: means the Real Estate Appraiser Licensing and Certification Board that is established in Section 61-2g-204. 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
• 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.
• 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
• 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 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 Financial institution: means an insured: (i)  depository as defined in 12 U. See Utah Code 61-2g-102 Interagency Appraisal and Evaluation Guidelines: means the guidelines published as Interagency Appraisal and Evaluation Guidelines, 75 Fed. See Utah Code 61-2g-102 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 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 Person: means :Utah Code 68-3-12.5 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: 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. 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 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 Testimony: Evidence presented orally by witnesses during trials or before grand juries. 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 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