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

• Analysis assignment: means an unbiased analysis, opinion, or conclusion that relates to the nature, quality, or utility of identified real estate or identified real property. See Utah Code 61-2g-102
• Appraisal: A determination of property value.
• Appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in, or aspect of, identified real estate or identified real property. See Utah Code 61-2g-102
• Appraisal Foundation: means the Appraisal Foundation that was incorporated as an Illinois not-for-profit corporation on November 30, 1987. See Utah Code 61-2g-102
• Appraisal report: means a communication, written or oral, of an appraisal. See Utah Code 61-2g-102
• Board: means the Real Estate Appraiser Licensing and Certification Board that is established in Section 61-2g-204. See Utah Code 61-2g-102
• Consultation service: means an engagement to provide a real estate valuation service analysis, opinion, conclusion, or other service that does not fall within the definition of appraisal. See Utah Code 61-2g-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.
• Dependent: A person dependent for support upon another.
• Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 61-2g-102
• Evaluation: means an opinion on the market value of real property or real estate that:
            (1)(l)(i) is made in accordance with the Interagency Appraisal and Evaluation Guidelines; and
            (1)(l)(ii) is provided to a financial institution for use in a real estate related transaction for which the regulations of the federal financial institutions regulatory agencies do not require an appraisal. See Utah Code 61-2g-102
• Executive director: means the executive director of the Department of Commerce. See Utah Code 61-2g-102
• Federal financial institutions regulatory agencies: means :
            (1)(n)(i) the Board of Governors of the Federal Reserve System;
            (1)(n)(ii) the Federal Deposit Insurance Corporation;
            (1)(n)(iii) the Office of the Comptroller of the Currency; and
            (1)(n)(iv) the National Credit Union Administration. See Utah Code 61-2g-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}
• Financial institution: means an insured:
            (1)(p)(i) depository as defined in Utah Code 61-2g-102
• Interagency Appraisal and Evaluation Guidelines: means the guidelines published as Interagency Appraisal and Evaluation Guidelines, 75 Fed. See Utah Code 61-2g-102
• Land: includes :
       (18)(a) land;
       (18)(b) a tenement;
       (18)(c) a hereditament;
       (18)(d) a water right;
       (18)(e) a possessory right; and
       (18)(f) a claim. See Utah Code 68-3-12.5
• 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}
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• 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: means an identified parcel or tract of land including improvements if any. See Utah Code 61-2g-102
• Real estate related transaction: means :
            (1)(t)(i) the sale, lease, purchase, investment in, or exchange of real property or an interest in real property, or the financing of such a transaction;
            (1)(t)(ii) the refinancing of real property or an interest in real property; or
            (1)(t)(iii) the use of real property or an interest in real property as security for a loan or investment, including mortgage-backed securities. See Utah Code 61-2g-102
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real property: means one or more defined interests, benefits, or rights inherent in the ownership of real estate. See Utah Code 61-2g-102
• Review assignment: means an unbiased analysis, opinion, or conclusion that forms an opinion as to the adequacy and appropriateness of a valuation appraisal or an analysis assignment. See Utah Code 61-2g-102
• State-certified general appraiser: means a person who holds a current, valid certification as a state-certified general appraiser issued under this chapter. See Utah Code 61-2g-102
• State-certified residential appraiser: means a person who holds a current, valid certification as a state-certified residential real estate appraiser issued under this chapter. See Utah Code 61-2g-102
• State-licensed appraiser: means a person who holds a current, valid license as a state-licensed appraiser issued under this chapter. See Utah Code 61-2g-102
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trainee: means an individual who:
            (1)(y)(i) does not hold an appraiser license or appraiser certification issued under this chapter;
            (1)(y)(ii) works under the direct supervision of a state-certified appraiser to earn experience for licensure; and
            (1)(y)(iii) is registered as a trainee under this chapter. See Utah Code 61-2g-102
• Valuation appraisal: means an unbiased analysis, opinion, or conclusion that estimates the value of an identified parcel of real estate or identified real property at a particular point in time. See Utah Code 61-2g-102