Terms Used In Minnesota Statutes > Chapter 93 > NATURAL RESOURCES

• Adult: means an individual 18 years of age or older. See Minnesota Statutes 645.451
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• 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
• Appraisal Subcommittee: means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. 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

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Chair: includes chairman, chairwoman, and chairperson. See Minnesota Statutes 645.44
• children: includes children by birth or adoption;

  (9) "day" comprises the time from midnight to the next midnight;

  (10) "fiscal year" means the year by or for which accounts are reckoned;

  (11) "hereafter" means a reference to the time after the time when the law containing such word takes effect;

  (12) "heretofore" means a reference to the time previous to the time when the law containing such word takes effect;

  (13) "judicial sale" means a sale conducted by an officer or person authorized for the purpose by some competent tribunal;

  (14) "minor" means an individual under the age of 18 years;

  (15) "money" means lawful money of the United States;

  (16) "night time" means the time from sunset to sunrise;

  (17) "non compos mentis" refers to an individual of unsound mind;

  (18) "notary" means a notary public;

  (19) "now" in any provision of a law referring to other laws in force, or to persons in office, or to any facts or circumstances as existing, relates to the laws in force, or to the persons in office, or to the facts or circumstances existing, respectively, on the effective date of such provision;

  (20) "verified" when used in reference to writings, means supported by oath or affirmation. See Minnesota Statutes 645.45

• 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
• Commissioner: means the commissioner of commerce. See Minnesota Statutes 82C.02
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means :

  (1) any owner, officer, or director of an appraisal management company seeking to offer appraisal management services in this state;

  (2) an individual employed, appointed, or authorized by an appraisal management company that has the authority to enter into a contractual relationship with other persons for the performance of appraisal management services and has the authority to enter into agreements with appraisers for the performance of appraisals;

  (3) an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company; or

  (4) an individual who enters into:

  (i) contractual relationships with clients for the performance of appraisal management services; and

  (ii) agreements with employed and independent appraisers for the performance of real estate appraisal services. See Minnesota Statutes 82C.02

• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dependent: A person dependent for support upon another.
• Devise: To gift property by will.
• Employee: means an individual who is treated as an employee for purposes of compliance with federal income tax laws. See Minnesota Statutes 82C.02
• 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.
• 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}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Registry: means the registry of state-registered appraisal management companies and federally regulated appraisal management companies maintained by the Appraisal Subcommittee. See Minnesota Statutes 82C.02
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• 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: means a natural person, firm, partnership, limited liability partnership, corporation, association, limited liability company, or other form of business organization and the officers, directors, employees, or agents of that person. See Minnesota Statutes 82C.02
• Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
• 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.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Public waters: means public waters as defined in section 103G. See Minnesota Statutes 645.44
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• 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
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• USPAP: means the Uniform Standards of Professional Appraisal Practice as established by the Appraisal Foundation. See Minnesota Statutes 82C.02
• Violate: includes failure to comply with. See Minnesota Statutes 645.44
• Wetlands: means lands transitional between terrestrial and aquatic systems where the water table is usually at or near the surface or the land is covered by shallow water. See Minnesota Statutes 645.44