Terms Used In Montana Code > Title 5 > Chapter 2 > Part 2 - Organization

• Appraisal: A determination of property value.
• Appraisal: means the practice of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice as developed by the appraisal foundation. See Montana Code 37-54-102
• Appraisal foundation: means the appraisal foundation incorporated as a not-for-profit corporation on November 30, 1987, pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, 12 U. See Montana Code 37-54-102
• Appraisal management company: means , in connection with valuation of properties collateralizing mortgage loans or mortgages incorporated into a securitization, an external third party, authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than 15 certified or licensed appraisers in this state or 25 or more nationally within a given year. See Montana Code 37-54-102
• Appraisal management services: means the direct or indirect performance of any of the following functions on behalf of a lender, financial institution, client, or other person in conjunction with a consumer credit transaction that is secured by a consumer's principal dwelling:

  (a)administering an appraiser panel;

  (b)recruiting, retaining, or selecting appraisers to be part of an appraisal panel;

  (c)qualifying and verifying licensing or certification, negotiating fees, and verifying service level expectations with appraisers who are part of an appraiser panel;

  (d)contracting with appraisers from the appraiser panel to perform appraisal assignments;

  (e)receiving an order for an appraisal assignment from one person and delivering the order for the appraisal assignment to an appraiser who is part of an appraiser panel for completion;

  (f)managing the process of having an appraisal assignment performed, including performing administrative duties such as receiving appraisal assignment orders and reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed;

  (g)tracking and determining the status of orders for appraisal assignments;

  (h)conducting quality control examinations of a completed appraisal assignment prior to the delivery of the appraisal report to a client who ordered the appraisal assignment; and

  (i)providing a completed appraisal report performed by an appraiser to one or more clients. See Montana Code 37-54-102

• Appraiser: means an individual who holds a license or certification to complete an appraisal assignment in the state where the real property that is the subject of the appraisal assignment is located. See Montana Code 37-54-102
• Appraiser panel: means a network of licensed or certified appraisers who are independent contractors with respect to an appraisal management company and who have:

  (a)responded to an invitation, request, or solicitation from an appraisal management company to:

  (i)perform an appraisal assignment for a client that has ordered an appraisal assignment through the appraisal management company; or

  (ii)perform appraisal assignments for the appraisal management company directly as requested and assigned by the appraisal management company; and

  (b)been selected and approved by an appraisal management company to perform appraisal assignments for any client of the company that has ordered an appraisal assignment through the company or to perform appraisal assignments for the appraisal management company directly on a periodic basis as assigned by the appraisal management company. See Montana Code 37-54-102

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Board: means the board of real estate appraisers provided for in 2-15-1758. See Montana Code 37-54-102
• Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
• Certified real estate appraiser: means a person who develops and communicates real estate appraisals and who has a valid real estate appraisal certificate issued under 37-54-305. See Montana Code 37-54-102
• Committee on committees: Committees formed in each party conference and responsible for nominating the party's Senators to committee membership and committee leadership positions. Nominations are subject to approval by the full party conference and to a formal vote of the Senate.
• Contract: A legal written agreement that becomes binding when signed.
• 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 labor and industry provided for in 2-15-1701. See Montana Code 37-54-102
• 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.
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Majority leader: see Floor Leaders
• Majority leader: means the leader of the majority party, elected by the caucus as provided in 5-2-221. See Montana Code 1-1-208
• Majority whip: See Whips.
• Minority leader: See Floor Leaders
• Minority leader: means the leader of the minority party, elected by the caucus as provided in 5-2-221. See Montana Code 1-1-208
• Minority whip: See Whips.
• 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: means an individual, firm, partnership, association, corporation, or other business entity. See Montana Code 37-54-102
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
• Printing: means the act of reproducing a design on a surface by any process. See Montana Code 1-1-203
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Property: means real and personal property. See Montana Code 1-1-205
• Quality control examination: means an examination of an appraisal report for completeness, including grammatical, mathematical, and typographical errors. See Montana Code 37-54-102
• Quorum: The number of legislators that must be present to do business.
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• Writing: includes printing. See Montana Code 1-1-203