Michigan Laws 339.2601 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 339.2601
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Appraisal: A determination of property value.
- Appraisal: means an opinion, conclusion, or analysis relating to the value of real property but does not include any of the following:
(i) A market analysis performed by a person that is licensed under article 25 solely for the purpose of assisting a customer or potential customer in determining the potential sale, purchase, or listing price of real property or the rental rate of real property as long as a fee or any other valuable consideration is not charged for that analysis. See Michigan Laws 339.2601Appraiser: means an individual who is engaged in or offering to engage in the development and communication of an appraisal. See Michigan Laws 339.2601 AQB criteria: means all of the following, if applicable:
(i) The criteria established by the appraiser qualifications board of the appraisal foundation and in effect on the effective date of the amendatory act that added subparagraph (ii). See Michigan Laws 339.2601Corporation: 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. Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC Federal financial institution regulatory agency: means the board of governors of the federal reserve system, the federal deposit insurance corporation, the office of the comptroller of the currency, the office of thrift supervision, or the national credit union administration. See Michigan Laws 339.2601 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Federally related transaction: means any real estate related financial transaction that a federal financial institution regulatory agency engages in, contracts for, or regulates and that requires the services of an appraiser under any of the following:
(i) 12 C. See Michigan Laws 339.2601in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Real estate related financial transaction: means any of the following:
(i) A sale, lease, purchase, investment in, or exchange of real property or the financing of real property. See Michigan Laws 339.2601Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Real property: means an identified tract or parcel of land, including improvements on that land, as well as any interests, benefits, or rights inherent in the land. See Michigan Laws 339.2601 Residential real property: means real property used as a residence containing a dwelling that has not more than 4 living units. See Michigan Laws 339.2601 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this article:
(a) “Appraisal” means an opinion, conclusion, or analysis relating to the value of real property but does not include any of the following:
(i) A market analysis performed by a person that is licensed under article 25 solely for the purpose of assisting a customer or potential customer in determining the potential sale, purchase, or listing price of real property or the rental rate of real property as long as a fee or any other valuable consideration is not charged for that analysis.
(ii) A market analysis of real property for a fee performed by a broker or associate broker who is licensed under article 25 that does not involve a federally related transaction if the market analysis is put in writing and it states in boldfaced print “This is a market analysis, not an appraisal and was prepared by a licensed real estate broker or associate broker, not a licensed appraiser.”.
(iii) An assessment of the value of real property performed on behalf of a local unit of government that is authorized to impose property taxes when performed by an assessor who is certified under section 10d of the general property tax act, 1893 PA 206, MCL 211.10d, or an individual employed in an assessing capacity.
(b) “AQB criteria” means all of the following, if applicable:
(i) The criteria established by the appraiser qualifications board of the appraisal foundation and in effect on the effective date of the amendatory act that added subparagraph (ii). The director by rule may amend the criteria described in this subparagraph if the director determines that an amendment is required for purposes of this article.
(ii) Any amendments adopted by the appraiser qualifications board of the appraisal foundation to the criteria described in subparagraph (i). The director by rule may amend the amendments described in this subparagraph if the director determines that an amendment is required for purposes of this article.
(c) “Appraiser” means an individual who is engaged in or offering to engage in the development and communication of an appraisal.
(d) “Certified general real estate appraiser” means an individual who is licensed under section 2610 to appraise all types of real property, including nonresidential real property involving federally related transactions and real estate related financial transactions.
(e) “Certified residential real estate appraiser” means an individual who is licensed under section 2610 to appraise all types of residential real property involving real estate related financial transactions and federally related transactions as authorized by the regulations of a federal financial institution regulatory agency and resolution trust corporation as well as any nonresidential, nonfederally related transaction for which the individual is qualified.
(f) “Federal financial institution regulatory agency” means the board of governors of the federal reserve system, the federal deposit insurance corporation, the office of the comptroller of the currency, the office of thrift supervision, or the national credit union administration.
(g) “Federally related transaction” means any real estate related financial transaction that a federal financial institution regulatory agency engages in, contracts for, or regulates and that requires the services of an appraiser under any of the following:
(i) 12 C.F.R. part 323, adopted by the federal deposit insurance corporation.
(ii) 12 C.F.R. § part parts 208 and 225, adopted by the board of governors of the federal reserve system.
(iii) 12 C.F.R. § part parts 701, 722, and 741, adopted by the national credit union administration.
(iv) 12 C.F.R. part 34, adopted by the office of the comptroller of the currency.
(v) 12 C.F.R. § part parts 506, 545, 563, 564, and 571, adopted by the office of thrift supervision.
(h) “Limited real estate appraiser” means an individual who meets the AQB criteria for appraiser trainee and is licensed under section 2610 to perform appraisals of those properties that the state certified supervisory appraiser is permitted and competent to appraise.
(i) “Real estate related financial transaction” means any of the following:
(i) A sale, lease, purchase, investment in, or exchange of real property or the financing of real property.
(ii) A refinancing of real property.
(iii) The use of real property as security for a loan or investment, including mortgage-backed securities.
(j) “Real property” means an identified tract or parcel of land, including improvements on that land, as well as any interests, benefits, or rights inherent in the land.
(k) “Residential real property” means real property used as a residence containing a dwelling that has not more than 4 living units.
(l) “State licensed real estate appraiser” means an individual who is licensed under section 2610 to appraise real property, including, but not limited to, residential and nonresidential real property involving federally related transactions and real estate related financial transactions.
(m) “Uniform standards of professional appraisal practice” means all of the following, if applicable:
(i) Standards relating to real property adopted by the appraisal foundation and in effect on the effective date of the amendatory act that added subparagraph (ii). The director by rule may amend the standards described in this subparagraph if the director determines that an amendment is required for purposes of this article.
(ii) Any amendments adopted by the appraiser standards board of the appraisal foundation to the standards described in subparagraph (i). The director by rule may amend the amendments described in this subparagraph if the director determines that an amendment is required for purposes of this article.