Terms Used In Utah Code > Title 61 > Chapter 2e > Part 1 - General Provisions

• 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
• 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
• Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102
• 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.
• 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}
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• 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
• 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}
• 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 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
• 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
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• 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
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5