Terms Used In Arizona Laws > Title 32 > Chapter 36 - Real Estate Appraisal

• Analysis: means the review of a property valuation or legal classification established by a county assessor in the representation of a person in appealing the property valuation or legal classification to the county assessor. See Arizona Laws 32-3651
• Appraisal: A determination of property value.
• Appraisal: means the act or process of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice published by the appraisal foundation, or any other definition used in state or federal laws. See Arizona Laws 32-3661
• Appraisal: means the development of real or personal property valuation or legal classification opinions or conclusions. See Arizona Laws 32-3651
• Appraisal assignment: means an engagement for which a real estate appraiser is employed or retained to act, or would be perceived by third parties or the public in acting, as a disinterested third party in rendering an unbiased analysis, opinion or conclusion relating to the nature, quality, value or utility of specified interests in or aspects of identified real estate. See Arizona Laws 32-3601
• Appraisal foundation: means the appraisal foundation incorporated as an Illinois nonprofit corporation on November 30, 1987. See Arizona Laws 32-3601
• Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary or other business entity that directly or indirectly performs appraisal management services, regardless of the use of the term "appraisal management company" "mortgage technology provider" "lender processing services" "lender services" "loan processor" "mortgage services" "real estate closing services provider" "settlement services provider" or "vendor management company" or any other term, and that does any of the following:

  (a) Administers an appraiser panel of at least sixteen state-licensed or state-certified appraisers in one state who are independent contractors or at least twenty-five state-licensed or state-certified appraisers in at least two states who perform real property appraisal services in this state for clients. See Arizona Laws 32-3661

• Appraisal management services: means any of the following:

  (a) Recruiting, selecting and retaining appraisers. See Arizona Laws 32-3661

• Appraisal report: means any communication, written or oral, of an appraisal. See Arizona Laws 32-3601
• Appraisal review: means the act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment, but does not include an examination of an appraisal for grammatical, typographical or other similar errors that do not communicate an opinion related to the appraiser's data collection, analysis, opinions, conclusions, estimate of value or compliance with the uniform standards of professional appraisal practice. See Arizona Laws 32-3661
• Appraisal review: means the act of reviewing or the report that follows a review of an appraisal assignment or appraisal report in which a real estate appraiser forms an opinion as to the adequacy and appropriateness of the report being reviewed. See Arizona Laws 32-3601
• Appraisal standards board: means the appraisal standards board appointed by the board of trustees of the appraisal foundation to develop, interpret and amend the uniform standards of professional appraisal practice. See Arizona Laws 32-3601
• Appraisal subcommittee: means the subcommittee of the federal financial institutions examination council created pursuant to 12 United States Code § 3310 and chapter 34A, as amended. See Arizona Laws 32-3601
• Appraiser: means a person who is licensed or certified as an appraiser pursuant to this chapter and who performs valuation services competently and in a manner that is independent, impartial and objective. See Arizona Laws 32-3661
• Appraiser qualifications board: means the appraiser qualifications board that is appointed by the board of trustees of the appraisal foundation to establish the minimum education, experience and examination requirements for real estate appraisers. See Arizona Laws 32-3601
• Complex one to four residential units: means property that is atypical for the marketplace. See Arizona Laws 32-3601
• Controlling person: means any of the following:

  (a) An owner, officer or director of a corporation, partnership or other business entity seeking to offer appraisal management services in this state. See Arizona Laws 32-3661

• Course approval: means the act of the deputy director reviewing course materials to form an opinion as to the adequacy and appropriateness of the course for licensing pursuant to section 32-3613, certification pursuant to section 32-3614 and continuing education as prescribed in section 32-3625 in accordance with the appraiser qualifications board and this chapter. See Arizona Laws 32-3601
• Daytime: means the period between sunrise and sunset. See Arizona Laws 1-215
• Department: means the department of insurance and financial institutions. See Arizona Laws 32-3601
• Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 32-3601
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Federal financial institutions examination council: means that agency of the federal government created pursuant to 12 United States Code chapters 34 and 34A, as amended. See Arizona Laws 32-3601
• 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.
• General plan: means a municipal statement of land development policies, that may include maps, charts, graphs and text that set forth objectives, principles and standards for local growth and redevelopment enacted under the provisions of this article or any prior statute. See Arizona Laws 9-461
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Moral turpitude: means an offense, whether a misdemeanor or felony, that is related to extortion, burglary, larceny, bribery, embezzlement, robbery, racketeering, money laundering, forgery, fraud, murder, voluntary manslaughter or a sexual offense that requires the individual to register pursuant to section 13-3821. See Arizona Laws 1-215
• municipality: means an incorporated city or town. See Arizona Laws 9-461
• Planning agency: means the official body designated by local ordinance to carry out the purposes of this article and may be a planning department, a planning commission, a hearing officer, the legislative body itself, or any combination thereof. See Arizona Laws 9-461
• 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.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Property tax agent: means an individual who is designated by a person or is an employee of an entity designated as an agent pursuant to section 42-16001, who acts on behalf of a person who owns, controls or possesses property valued by a county assessor or the department of revenue and who receives a fee for the analysis of any matter relating to the review of the valuation or legal classification of the person's property before the assessor, the county or state board of equalization or the department of revenue. See Arizona Laws 32-3651
• Property tax agent: means an individual who is designated by a person or is an employee of an entity designated as an agent pursuant to section 42-16001, who acts on behalf of a person who owns, controls or possesses property valued by a county assessor and who receives a fee for the analysis of any matter relating to the review of the valuation of the person's property before the assessor. See Arizona Laws 32-3601
• Real estate: means an identified parcel or tract of land, including improvements, if any. See Arizona Laws 32-3601
• real estate appraisal: means a statement that is independently and impartially prepared by an individual setting forth an opinion as to the market value of real property as of a specific date and supported by the presentation and analysis of relevant market information. See Arizona Laws 32-3601
• Real estate related financial transaction: means any transaction involving the sale of, lease of, purchase of, investment in or exchange of real property, including interests in property or the financing of property, the refinancing of real property or interests in real property and the use of real property or interests in property as security for a loan or investment, including mortgage-backed securities. See Arizona Laws 32-3601
• Real property: means one or more defined interests, benefits and rights inherent in the ownership of real estate. See Arizona Laws 32-3601
• Real property appraisal services: means the practice of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice published by the appraisal foundation. See Arizona Laws 32-3661
• Registered trainee appraiser: means a person who meets both of the following requirements:

  (a) Is registered with the deputy director and meets the appraiser qualifications board's qualifications for trainee appraisers to perform appraisal services only under the direct supervision of a certified appraiser who has met the minimum criteria to be a supervisory appraiser. See Arizona Laws 32-3601

• Relocation management company: means a business entity whose exclusive business services are not for mortgage purposes and include the relocation of employees as an agent or contractor for the employer or the employer's agent for the purposes of determining an anticipated sales price, as defined by the worldwide employee relocation council, of the residence of an employee being relocated by the employer in the course of its business. See Arizona Laws 32-3661
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Service of process: The service of writs or summonses to the appropriate party.
• Standards of professional appraisal practice: means the uniform standards of professional appraisal practice promulgated by the appraisal standards board of the appraisal foundation. See Arizona Laws 32-3601
• State-licensed or state-certified appraiser: means a person who develops and communicates appraisals and who holds a current, valid license or certificate issued under this chapter. See Arizona Laws 32-3601
• Street: means streets, highways, freeways, expressways, avenues, boulevards, parkways, roads, lanes, walks, alleys, viaducts, subways, tunnels, bridges, public access easements and rights-of-way. See Arizona Laws 9-461
• Supervisory appraiser: means a state-certified appraiser who has a supervisory appraiser designation and who:

  (a) Has been in good standing for the last three years in the jurisdiction in which the registered trainee appraiser practices. See Arizona Laws 32-3601

• Uniform standards of professional appraisal practice: means the uniform standards of professional appraisal practice promulgated by the appraisal foundation. See Arizona Laws 32-3661
• Value: means the monetary relationship between properties and those who buy, sell or use those properties. See Arizona Laws 32-3601
• Zoning ordinance: means a municipal ordinance regulating the use of land or structures, or both, under the provisions of this article. See Arizona Laws 9-461