Terms Used In Montana Code > Title 5 > Chapter 2 > Part 3 - Compensation and Expenses of Members and Officers

• 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 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
• Armed: means an endorsement authorizing a private investigator or a private security guard to possess and use one or more firearms in the performance of professional duties according to training and reporting requirements prescribed by this chapter and department rule. See Montana Code 37-60-101
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Board: means the board of real estate appraisers provided for in 2-15-1758. See Montana Code 37-54-102
• 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
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means :

  (a)an owner, officer, or director of a corporation, partnership, or other business entity that offers appraisal management services in this state;

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

  (c)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. See Montana Code 37-54-102

• 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.
• Customary: means according to usage. See Montana Code 1-1-206
• Department: means the department of labor and industry provided for in Title 2, chapter 15, part 17. See Montana Code 37-56-101
• Department: means the department of labor and industry provided for in 2-15-1701. See Montana Code 37-60-101
• Department: means the department of labor and industry provided for in 2-15-1701. See Montana Code 37-54-102
• Electronic security firm: means a person who sells, installs, services, or maintains a security alarm system and who employs security alarm installers. See Montana Code 37-60-101
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• 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}
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Licensed real estate appraisal trainee: means a person authorized only to assist a certified real estate appraiser in the performance of an appraisal assignment. See Montana Code 37-54-102
• 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
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Private investigator: means an individual who for any consideration makes or agrees to make any investigation relevant to:

  (a)crimes against the United States or any state or territory of the United States;

  (b)the identity, habits, conduct, business, occupation, honesty, integrity, trustworthiness, efficiency, loyalty, activity, movement, location, affiliations, associations, transactions, reputation, or character of any person;

  (c)the location, disposition, or recovery of lost or stolen property;

  (d)the cause of or responsibility for any fires, libels, losses, accidents, or injury to persons or property; or

  (e)gathering evidence to be used before any court, board, officer, or investigating committee. See Montana Code 37-60-101

• Private security firm: means a person who provides one or more of the following:

  (a)private security guard services;

  (b)armed private security guard services; or

  (c)armed carrier services. See Montana Code 37-60-101

• Private security guard: means an individual employed by a private security firm to protect persons or property or to direct public movement in public areas. See Montana Code 37-60-101
• 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
• Property manager: means an individual who engages in the business of leasing, renting, subleasing, or other transfer of possession of real estate located in this state without transfer of the title to the property. See Montana Code 37-56-101
• Quality control examination: means an examination of an appraisal report for completeness, including grammatical, mathematical, and typographical errors. See Montana Code 37-54-102
• Real estate: includes leaseholds as well as any other interest or estate in land, whether corporeal, incorporeal, freehold, or nonfreehold and whether the real estate is situated in this state or elsewhere. See Montana Code 37-56-101
• Security alarm system: means an assembly of equipment and devices or a single device or a portion of a system intended to detect or signal or to both detect and signal unauthorized intrusion, movement, or criminal acts at a location. See Montana Code 37-60-101
• Service of process: The service of writs or summonses to the appropriate party.
• 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
• Statute: A law passed by a legislature.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust account: means an account for real estate trust funds maintained at a depository institution from which withdrawals or transfers can be made without delay, subject to any notice period that the depository institution is required to observe by law. See Montana Code 37-56-101
• Trustee: A person or institution holding and administering property in trust.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201