Terms Used In Vermont Statutes > Title 26 > Chapter 69 > Subchapter 3 - Licenses, Certifications, and Registrations

• Act: means the Federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Pub. See
• Appraisal: A determination of property value.
• Appraisal: means an analysis, opinion, or conclusion relating to the value of specified interests in or aspects of identified real estate or identified real property. See
• Appraisal management company: means an entity that acts as a broker in acquiring finished appraisals from real estate appraisers licensed under this chapter and that supplies the appraisals to third parties. See
• AQB: means the Appraisal Qualifications Board of the Appraisal Foundation as referenced in the Act. See
• biennially: shall mean the year in which a regular session of the General Assembly is held. See
• Commissioner: means the Commissioner of Liquor and Lottery. See
• Contract: A legal written agreement that becomes binding when signed.
• Director: means the Director of the Office of Professional Regulation. See
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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.
• 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.
• Office: means the Office of Professional Regulation. See
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
• real estate appraiser: means a person licensed under this chapter. See
• seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
• 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.
• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
• Statute: A law passed by a legislature.