§ 17-14-402 - Definitions.
17-14-402. Definitions.
As used in this subchapter:
(1) "Appraisal management company" means a person that performs the actions necessary to administer a network of state-licensed appraisers to fulfill requests for appraisal management services on behalf of a client, including without limitation:
(A) Recruiting appraisers;
(B) Contracting with appraisers to perform appraisal services;
(C) Negotiating fees with appraisers;
(D) Receiving appraisal orders and appraisal reports;
(E) Submitting appraisal reports received from appraisers to the company's clients; and
(F) Providing related administrative and clerical duties;
(2) "Appraisal management services" means the conduct of business by telephone, by electronic means, by mail, or in person directly or indirectly for compensation or other pecuniary gain or in the expectation of compensation or other pecuniary gain to:
(A) Solicit, accept, or offer to accept a request for appraisal services; or
(B) Employ or contract with a licensed or certified appraiser to perform appraisal services;
(3) "Appraisal services" means the practice of developing an opinion of the value of real property in conformance with the minimum reporting standards under 17-14-202(b);
(4) "Appraiser" means an individual licensed under the Arkansas Appraiser Licensing and Certification Act, 17-14-101 et seq., 17-14-201 et seq., and 17-14-301 et seq., who for a fee or other consideration develops and communicates a real estate appraisal or otherwise gives an opinion of the value of real estate or any interest in real estate;
(5) "Appraiser panel" means a group of independent appraisers that have been selected by an appraisal management company to perform appraisal services for the appraisal management company;
(6) "Client" means a person that contracts with or otherwise enters into an agreement with an appraisal management company for the performance of appraisal services;
(7) "Controlling person" or "managing principal" means an individual employed, appointed, or authorized by an appraisal management company to contract with clients or independent appraisers for the performance of appraisal services;
(8) "Person" means an individual, a partnership, a limited liability company, a limited partnership, a corporation, an association, or other organization; and
(9) "Registrant" means an appraisal management company or person that is registered under this subchapter.