Terms Used In Tennessee Code > Title 62 > Chapter 39 > Part 4 - Tennessee Appraisal Management Company Registration and Regulation Act

• AMC National Registry: means the registry of state-registered AMCs and federally regulated AMCs maintained by the appraisal subcommittee. See Tennessee Code 62-39-402
• Appraisal: A determination of property value.
• Appraisal: means the act or process of developing an opinion of value of identified real estate. See Tennessee Code 62-39-402
• Appraisal foundation: means the appraisal foundation incorporated as an Illinois not for profit corporation on November 30, 1987. See Tennessee Code 62-39-102
• Appraisal management services: means one (1) or more of the following:
  (A) Recruiting, selecting, and retaining appraisers. See Tennessee Code 62-39-402
• Appraisal report: means any communication, written or oral, of an opinion of value of identified real estate. See Tennessee Code 62-39-102
• Appraiser: means an individual who holds a license under part 1 of this chapter. See Tennessee Code 62-39-402
• Appraiser panel: means a network, list, or roster of appraisers approved by an AMC to perform appraisals as independent contractors for the AMC. See Tennessee Code 62-39-402
• Commission: means the real estate appraiser commission created by §. See Tennessee Code 62-39-402
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consumer credit: means credit offered or extended to a consumer primarily for personal, family, or household purposes. See Tennessee Code 62-39-402
• 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 seeking to offer appraisal management services in this state. See Tennessee Code 62-39-402
• 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.
• Dwelling: includes individual condominium units, cooperative units, mobile homes, and trailers, if used as a residence. See Tennessee Code 62-39-402
• 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 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}
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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 or an entity, including a corporation, limited liability company, partnership, sole proprietorship, association, cooperative, estate, trust, or government unit. See Tennessee Code 62-39-402
• Personal representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Real estate: means an identified parcel or tract of land, including improvements, if any. See Tennessee Code 62-39-102
• Real estate appraiser: means a person who engages in real estate appraisal activity for a fee or other valuable consideration. See Tennessee Code 62-39-102
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
• Review assignment: means an analysis, opinion or conclusion prepared by a real estate appraiser that forms an opinion as to the adequacy and appropriateness of a valuation appraisal or an analysis assignment. See Tennessee Code 62-39-102
• Service of process: The service of writs or summonses to the appropriate party.
• signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• States: means the fifty (50) states, the District of Columbia and the territories of Guam, Mariana Islands, Puerto Rico, and the U. See Tennessee Code 62-39-402
• 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}
• USPAP: means the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation. See Tennessee Code 62-39-402
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105