Terms Used In Utah Code > Title 61 > Chapter 2g > Part 4 - Operational Restrictions

• 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
• Certified appraisal report: means a written or oral appraisal report that is certified by a state-certified general appraiser or state-certified residential appraiser. See Utah Code 61-2g-102
• Concurrence: means that the entities that are given a concurring role jointly agree to an action. See Utah Code 61-2g-102
• Contingent fee: means a fee or other form of compensation, payment of which is dependent on or conditioned by:
            (1)(i)(i) the reporting of a predetermined analysis, opinion, or conclusion by the person performing the analysis, opinion, or conclusion; or
            (1)(i)(ii) achieving a result specified by the person requesting the analysis, opinion, or conclusion. See Utah Code 61-2g-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.
• Credential: means a state-issued registration, license, or certification that allows an individual to perform any act or service that requires licensure or certification under this chapter. See Utah Code 61-2g-102
• Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 61-2g-102
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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 :
       (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
• Plaintiff: The person who files the complaint in a civil lawsuit.
• 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 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
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• 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
• 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
• 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