Terms Used In West Virginia Code > Chapter 30 > Article 38A - Appraisal Management Companies Registration Act

• Applicant: means a person or firm making an application for registration under the provisions of this article. See West Virginia Code 30-38A-3
• Appraisal: A determination of property value.
• Appraisal: means an analysis, opinion, or conclusion prepared by a real estate appraiser relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate or identified real property. See West Virginia Code 30-38A-3
• Appraisal Management Company: means a person or firm that provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates. See West Virginia Code 30-38A-3
• Appraisal management services: means the business of managing the process of having an appraisal performed for compensation or pecuniary gain, including but not limited to any of the following actions:

  (1) Conducting business directly or indirectly by telephone, electronically, mail, or in person. See West Virginia Code 30-38A-3

• Appraisal review: means the act of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraiser assignment. See West Virginia Code 30-38A-3
• Appraisal services: means the practice of developing an opinion of the value of real estate in conformity with the minimum USPAP standards. See West Virginia Code 30-38A-3
• Appraiser: means a person licensed or certified, under the provisions of §. See West Virginia Code 30-38A-3
• Appraiser panel: means a group of appraisers that perform appraisals for an appraisal management company as independent contractors. See West Virginia Code 30-38A-3
• Board: means the West Virginia Real Estate Appraiser Licensing and Certification Board established under the provisions of §. See West Virginia Code 30-38A-3
• Client: means a person or firm that contracts or enters into an agreement with an appraisal management company for the performance of an appraisal. See West Virginia Code 30-38A-3
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means a person authorized by an appraisal management company to contract or enter into agreements with clients and independent appraisers for the performance of appraisal services and who has the power to manage the appraisal management company. See West Virginia Code 30-38A-3
• 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.
• Firm: means a corporation, limited liability company, partnership, sole proprietorship, or any other business entity. See West Virginia Code 30-38A-3
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Judgment: includes decrees and orders for the payment of money, or the conveyance or delivery of land or personal property, or some interest therein, or any undertaking, bond or recognizance which has the legal effect of a judgment. See West Virginia Code 2-2-10
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Offense: includes every act or omission for which a fine, forfeiture, or punishment is imposed by law. See West Virginia Code 2-2-10
• 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.
• Registrant: means a person or firm holding a registration issued by the board under the provisions of this article. See West Virginia Code 30-38A-3
• Registration: means a registration issued by the board under the provisions of this article. See West Virginia Code 30-38A-3
• Service of process: The service of writs or summonses to the appropriate party.
• State: means the State of West Virginia. See West Virginia Code 30-38A-3
• 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}
• USPAP: means the Uniform Standards of Professional Appraisal Practice. See West Virginia Code 30-38A-3