Terms Used In Utah Code > Title 61 > Chapter 2e - Appraisal Management Company Registration and Regulation Act

• Adjudicative proceeding: means :
       (2)(a) an action by a board, commission, department, officer, or other administrative unit of the state that determines the legal rights, duties, privileges, immunities, or other legal interests of one or more identifiable persons, including an action to grant, deny, revoke, suspend, modify, annul, withdraw, or amend an authority, right, or license; and
       (2)(b) judicial review of an action described in Subsection (2)(a). See Utah Code 68-3-12.5
• Allegation: something that someone says happened.
• Applicable appraisal standards: means :
       (1)(a) the Uniform Standards for Professional Appraisal Practice:

            (1)(a)(i) published by the Appraisal Foundation; and

            (1)(a)(ii) as adopted under Section 61-2g-403;
       (1)(b) Chapter 2g, Real Estate Appraiser Licensing and Certification Act; and
       (1)(c) rules made by the board under Chapter 2g, Real Estate Appraiser Licensing and Certification Act. See Utah Code 61-2e-102
• Application: means a document:
       (10)(a)

            (10)(a)(i) completed by an applicant to provide information about the risk to be insured; and

            (10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:

                 (10)(a)(ii)(A) insure the risk under:

                      (10)(a)(ii)(A)(I) the coverage as originally offered; or

                      (10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or

                 (10)(a)(ii)(B) decline to insure the risk; or
       (10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
• Appraisal: A determination of property value.
• Appraisal: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
• Appraisal management service: means :
       (5)(a) recruiting, selecting, or retaining an appraiser;
       (5)(b) contracting with an appraiser to perform a real estate appraisal activity for a client;
       (5)(c) managing the appraisal process, including one or more of the following administrative services:

            (5)(c)(i) receiving an appraisal order or an appraisal report;

            (5)(c)(ii) submitting a completed appraisal report to a client;

            (5)(c)(iii) collecting a fee from a client for a service provided; or

            (5)(c)(iv) paying an appraiser for a real estate appraisal activity; or
       (5)(d) reviewing or verifying the work of an appraiser. See Utah Code 61-2e-102
• Appraisal report: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
• Appraisal Subcommittee: means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. See Utah Code 61-2e-102
• Appraiser: means an individual who engages in a real estate appraisal activity. See Utah Code 61-2e-102
• Appraiser panel: includes an appraiser whom the appraisal management company has:
            (9)(b)(i) accepted for consideration for a future appraisal assignment:

                 (9)(b)(i)(A) in a residential mortgage loan transaction; or

                 (9)(b)(i)(B) for a secondary mortgage market participant in connection with a residential mortgage loan transaction; or
            (9)(b)(ii) engaged to perform an appraisal:

                 (9)(b)(ii)(A) in a residential mortgage loan transaction; or

                 (9)(b)(ii)(B) for a secondary mortgage market participant in connection with a residential mortgage loan transaction. See Utah Code 61-2e-102
• Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102
• Business plan: means the information required to be supplied to the commissioner under Subsections 31A-5-204(2)(i) and (j), including the information required when these subsections apply by reference under:
       (19)(a) Section 31A-8-205; or
       (19)(b) Subsection 31A-9-205(2). See Utah Code 31A-1-301
• Certificate: means evidence of insurance given to:
       (23)(a) an insured under a group insurance policy; or
       (23)(b) a third party. See Utah Code 31A-1-301
• Client: means a person that enters into an agreement with an appraisal management company for the performance of a real estate appraisal activity. See Utah Code 61-2e-102
• Concurrence: means that the entities that are given a concurring role must jointly agree before an action may be taken. See Utah Code 61-2e-102
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means :
       (13)(a) an owner, officer, or director of an entity seeking to offer appraisal management services;
       (13)(b) an individual employed, appointed, or authorized by an appraisal management company who has the authority to:

            (13)(b)(i) enter into a contractual relationship with a client for the performance of an appraisal management service; and

            (13)(b)(ii) enter into an agreement with an appraiser for the performance of a real estate appraisal activity; or
       (13)(c) a person who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. See Utah Code 61-2e-102
• 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.
• Creditor: means :
       (14)(a) a person who regularly extends credit that, under a written agreement, is subject to a finance charge or is payable in more than four installments, not including any down payment; and
       (14)(b) a person to whom the obligation described in Subsection (14)(a) is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract. See Utah Code 61-2e-102
• Director: means the director of the division. See Utah Code 61-2e-102
• Division: means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-102
• Dwelling: means a residential structure that contains up to four units, regardless of whether the structure is attached to real property, including:
       (17)(a) an individual condominium unit;
       (17)(b) a cooperative unit;
       (17)(c) a mobile home; or
       (17)(d) a trailer, if the trailer is used as a residence. See Utah Code 61-2e-102
• Entity: means :
       (18)(a) a corporation;
       (18)(b) a partnership;
       (18)(c) a sole proprietorship;
       (18)(d) a limited liability company;
       (18)(e) another business entity; or
       (18)(f) a subsidiary or unit of an entity described in Subsections (18)(a) through (e). See Utah Code 61-2e-102
• 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}
• Federally regulated appraisal management company: means an appraisal management company that is:
       (19)(a) owned and controlled by an insured depository institution, as defined in Utah Code 61-2e-102
• 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}
• Health care: means any of the following intended for use in the diagnosis, treatment, mitigation, or prevention of a human ailment or impairment:
       (83)(a) a professional service;
       (83)(b) a personal service;
       (83)(c) a facility;
       (83)(d) equipment;
       (83)(e) a device;
       (83)(f) supplies; or
       (83)(g) medicine. See Utah Code 31A-1-301
• Independent contractor: means an appraiser whom an appraisal management company treats as an independent contractor for purposes of federal income taxation. See Utah Code 61-2e-102
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insurance: includes :
            (96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
            (96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
            (96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Order: means an order of the commissioner. See Utah Code 31A-1-301
• 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 or an entity. See Utah Code 61-2e-102
• Person who regularly extends credit: means a person who:
       (22)(a) extends credit, other than credit subject to the requirements of Utah Code 61-2e-102
• Plaintiff: The person who files the complaint in a civil lawsuit.
• 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.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Real estate appraisal activity: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
• Residential mortgage loan: means the same as that term is defined in Section 61-2c-102. See Utah Code 61-2e-102
• Secondary mortgage market participant: includes an individual investor in a mortgage-backed security, if the investor is also the guarantor, insurer, underwriter, or issuer of the mortgage-backed security. See Utah Code 61-2e-102
• Service of process: The service of writs or summonses to the appropriate party.
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
• Territory: means any of the following United States territories:
       (26)(a) Guam;
       (26)(b) Northern Mariana Islands;
       (26)(c) Puerto Rico; or
       (26)(d) United States Virgin Islands. See Utah Code 61-2e-102
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• 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}
• Writing: includes :
       (48)(a) printing;
       (48)(b) handwriting; and
       (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5