Terms Used In Utah Code > Title 61 > Chapter 2e > Part 3 - Operational Requirements

• 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
• 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
• 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
• 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.
• Division: means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Person: means an individual or an entity. See 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
• Property: includes both real and personal property. 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
• 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
• 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