Terms Used In Utah Code > Title 61 > Chapter 2g > Part 4 - Operational Restrictions

• 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
• 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
• 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. 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 Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 61-2g-102 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Mortgage: The written agreement pledging property to a creditor as collateral for a loan. 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 Plaintiff: The person who files the complaint in a civil lawsuit. 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 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. 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 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