Terms Used In Minnesota Statutes > Chapter 86B > ENFORCEMENT

• Appraisal: A determination of property value.
• Appraisal assignment: means an engagement for which an appraiser is retained to act, as a disinterested third party in giving an unbiased analysis, opinion, or conclusion relating to the nature, quality, value, or utility of named interests in, or aspects of, identified real estate. See Minnesota Statutes 82C.02
• Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity that directly or indirectly performs the following appraisal management services:

  (1) within a given 12-month period, as defined in section 82C. See Minnesota Statutes 82C.02

• Appraisal management services: means the process of directly or indirectly performing any of the following functions on behalf of a lender, financial institution, client, or any other person to:

  (1) administer an appraiser panel;

  (2) recruit, qualify, verify licensing or certification, and negotiate fees and service level expectations with persons who are part of an appraiser panel;

  (3) receive an order for an appraisal from one person, and deliver the order for the appraisal to an appraiser that is part of an appraiser panel for completion;

  (4) track and determine the status of orders for appraisals;

  (5) conduct quality control of a completed appraisal prior to the delivery of the appraisal to the person that ordered the appraisal; or

  (6) provide a completed appraisal performed by an appraiser to one or more clients. See Minnesota Statutes 82C.02

• Appraisal review: means the act of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment, except that an examination of an appraisal for grammatical, typographical, or other similar errors that do not make a substantive valuation change shall not be an appraisal review. See Minnesota Statutes 82C.02
• Appraiser: means a person who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective, and who is licensed under chapter 82B. See Minnesota Statutes 82C.02
• Appraiser panel: means a network of licensed or certified appraisers who are independent contractors to the appraisal management company that have:

  (1) responded to an invitation, request, or solicitation from an appraisal management company, in any form, to perform appraisals for persons that have ordered appraisals through the appraisal management company, or to perform appraisals for the appraisal management company directly, on a periodic basis, as requested and assigned by the appraisal management company; and

  (2) been selected and approved by an appraisal management company to perform appraisals for any client of the appraisal management company that has ordered an appraisal through the appraisal management company, or to perform appraisals for the appraisal management company directly, on a periodic basis, as assigned by the appraisal management company. See Minnesota Statutes 82C.02

• Client: means any person or entity that contracts with, or otherwise enters into an agreement with, an appraisal management company for the performance of real estate appraisal services or appraisal management services. See Minnesota Statutes 82C.02
• 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.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
• state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
• Summons: Another word for subpoena used by the criminal justice system.
• Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44