Connecticut General Statutes 20-500 – Definitions
As used in this section and sections 20-501 to 20-529e, inclusive, unless the context otherwise requires:
Terms Used In Connecticut General Statutes 20-500
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- Appraisal: A determination of property value.
- 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.
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) “Appraisal” means the practice of developing, in conformance with the USPAP, an opinion of the value of real property.
(2) “Appraisal Foundation” means the not-for-profit corporation referred to in Section 1121 of Title XI of FIRREA.
(3) “Appraisal management company” means any person, association, corporation, limited liability company or partnership that performs appraisal management services, but does not include:
(A) An appraiser that enters into an oral or written agreement with another appraiser for the performance of an appraisal, which is signed by both appraisers upon completion;
(B) An appraisal management company that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution regulatory agency;
(C) A department or division of an entity that provides appraisal management services exclusively to such entity; or
(D) Any local, state or federal agency or department thereof.
(4) “Appraisal management services” means:
(A) The administration of an appraiser panel;
(B) The recruitment of certified appraisers to be part of an appraiser panel, including, but not limited to, the negotiation of fees to be paid to, and services to be provided by, the certified appraisers for their participation on the appraiser panel; or
(C) The receipt of an appraisal request or order, or an appraisal review request or order, and the delivery of such request or order to an appraiser panel.
(5) “Appraiser panel” means a network of appraisers who are certified in accordance with the requirements established by the commission by regulation, are independent contractors of an appraisal management company and have:
(A) Responded to an invitation, request or solicitation from an appraisal management company to perform appraisals (i) requested or ordered through the appraisal management company, or (ii) directly for the appraisal management company on a periodic basis as assigned by such appraisal management company; and
(B) Been selected and approved by the appraisal management company.
(6) “Bank” has the same meaning as provided in section 36a-2.
(7) “Certified appraiser” means a person who has satisfied the minimum requirements for a category of certification established by the commission by regulation. Such minimum requirements shall be consistent with guidelines established by the Appraisal Qualification Board of the Appraisal Foundation. The categories of certification shall include one category denoted as “certified residential appraiser” and another denoted as “certified general appraiser”. The commission may modify such categories of certification.
(8) “Commission” means the Connecticut Real Estate Appraisal Commission appointed under the provisions of section 20-502.
(9) “Commissioner” means the Commissioner of Consumer Protection.
(10) “Compliance manager” means a person who holds an appraiser certification in at least one state and is responsible for overseeing the implementation of, and compliance with, procedures for an appraisal management company to:
(A) Verify that a person being added to the appraiser panel of the appraisal management company holds a license in good standing in accordance with section 20-509;
(B) Maintain detailed records of each appraisal request or order the appraisal management company receives and of the appraiser who performs such appraisal; and
(C) Review on a periodic basis the work of all appraisers performing appraisals for the appraisal management company to ensure that such appraisals are being conducted in accordance with the USPAP.
(11) “Controlling person” means a person who has not had an appraiser license, similar license or appraiser certificate denied, refused renewal, suspended or revoked in any state and:
(A) Is a director, officer or owner of an association, corporation, limited liability company or partnership offering or seeking to offer appraisal management services in this state;
(B) Is employed by an appraisal management company and has the authority to enter into agreements or contracts for the performance of appraisal management services or appraisals, or is appointed or authorized by such appraisal management company to enter into such agreements or contracts; or
(C) May exercise authority over, or direct the management or policies of, an appraisal management company.
(12) “Engaging in the real estate appraisal business” means the act or process of estimating the value of real estate for a fee or other valuable consideration.
(13) “Financial institution” means a bank, out-of-state bank or institutional lender, an affiliate or subsidiary of a bank, out-of-state bank or institutional lender or another lender licensed by the Department of Banking.
(14) “FIRREA” means the Financial Institutions, Reform, Recovery and Enforcement Act of 1989, P.L. 101-73, 103 Stat. 183.
(15) “Out-of-state bank” has the same meaning as provided in section 36a-2.
(16) “Person” means an individual.
(17) “Provisional appraiser” means a person engaged in the business of estimating the value of real estate for a fee or other valuable consideration under the supervision of a certified real estate appraiser and who meets the minimum requirements, if any, established by the commission by regulation for provisional appraiser status.
(18) “Provisional license” means a license issued to a provisional appraiser.
(19) “Real estate appraiser” or “appraiser” means a person engaged in the business of estimating the value of real estate for a fee or other valuable consideration.
(20) “USPAP” means the Uniform Standards of Professional Appraisal Practice issued by the Appraisal Standards Board of the Appraisal Foundation pursuant to Title XI of FIRREA.