Terms Used In Arizona Laws > Title 32 > Chapter 36 > Article 5 - Appraisal Management Companies

• 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.
• 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 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
• 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
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• 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

• 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.
• 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
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• 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: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Property: includes both real and personal property. See Arizona Laws 1-215
• Real estate: means an identified parcel or tract of land, including improvements, if any. 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: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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
• 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
• 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
• Trustee: A person or institution holding and administering property in trust.
• Uniform standards of professional appraisal practice: means the uniform standards of professional appraisal practice promulgated by the appraisal foundation. See Arizona Laws 32-3661
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Value: means the monetary relationship between properties and those who buy, sell or use those properties. See Arizona Laws 32-3601
• Writing: includes printing. See Arizona Laws 1-215