61-2b-2 - Definitions.
61-2b-2. Definitions.
(1) As used in this chapter:
(a) (i) "Appraisal" means an unbiased analysis, opinion, or conclusion relating to thenature, quality, value, or utility of a specified interest in, or aspect of, identified real estate oridentified real property.
(ii) An appraisal is classified by the nature of the assignment as a valuation appraisal, ananalysis assignment, or a review assignment in accordance with the following definitions:
(A) "Analysis assignment" means an unbiased analysis, opinion, or conclusion thatrelates to the nature, quality, or utility of identified real estate or identified real property.
(B) "Review assignment" means an unbiased analysis, opinion, or conclusion that formsan opinion as to the adequacy and appropriateness of a valuation appraisal or an analysisassignment.
(C) "Valuation appraisal" means an unbiased analysis, opinion, or conclusion thatestimates the value of an identified parcel of real estate or identified real property at a particularpoint in time.
(b) "Appraisal Foundation" means the Appraisal Foundation that was incorporated as anIllinois not-for-profit corporation on November 30, 1987.
(c) (i) "Appraisal report" means a communication, written or oral, of an appraisal.
(ii) An appraisal report is classified by the nature of the assignment as a valuation report,analysis report, or review report in accordance with the definitions provided in Subsection(1)(a)(ii).
(iii) The testimony of a person relating to the person's analyses, conclusions, or opinionsconcerning identified real estate or identified real property is considered to be an oral appraisalreport.
(d) "Appraisal Qualification Board" means the Appraisal Qualification Board of theAppraisal Foundation.
(e) "Board" means the Real Estate Appraiser Licensing and Certification Board that isestablished in Section 61-2b-7.
(f) "Certified appraisal report" means a written or oral appraisal report that is certified bya state-certified general appraiser or state-certified residential appraiser.
(g) "Concurrence" means that the entities that are given a concurring role jointly agree toan action.
(h) (i) (A) "Consultation service" means an engagement to provide a real estate valuationservice analysis, opinion, conclusion, or other service that does not fall within the definition ofappraisal.
(B) "Consultation service" does not mean a valuation appraisal, analysis assignment, orreview assignment.
(ii) Regardless of the intention of the client or employer, if a person prepares an unbiasedanalysis, opinion, or conclusion, the analysis, opinion, or conclusion is considered to be anappraisal and not a consultation service.
(i) "Contingent fee" means a fee or other form of compensation, payment of which isdependent on or conditioned by:
(i) the reporting of a predetermined analysis, opinion, or conclusion by the personperforming the analysis, opinion, or conclusion; or
(ii) achieving a result specified by the person requesting the analysis, opinion, or
conclusion.
(j) "Division" means the Division of Real Estate of the Department of Commerce.
(k) "Federally related transaction" means a real estate related transaction that is requiredby federal law or by federal regulation to be supported by an appraisal prepared by:
(i) a state-licensed appraiser; or
(ii) a state-certified appraiser.
(l) "Real estate" means an identified parcel or tract of land including improvements ifany.
(m) "Real estate appraisal activity" means the act or process of making an appraisal ofreal estate or real property and preparing an appraisal report.
(n) "Real estate related transaction" means:
(i) the sale, lease, purchase, investment in, or exchange of real property or an interest inreal property, or the financing of such a transaction;
(ii) the refinancing of real property or an interest in real property; or
(iii) the use of real property or an interest in real property as security for a loan orinvestment, including mortgage-backed securities.
(o) "Real property" means one or more defined interests, benefits, or rights inherent inthe ownership of real estate.
(p) "State-certified general appraiser" means a person who holds a current, validcertification as a state-certified general appraiser issued under this chapter.
(q) "State-certified residential appraiser" means a person who holds a current, validcertification as a state-certified residential real estate appraiser issued under this chapter.
(r) "State-licensed appraiser" means a person who holds a current, valid license as astate-licensed appraiser issued under this chapter.
(s) "Trainee" means an individual who:
(i) does not hold an appraiser license or appraiser certification issued under this chapter;
(ii) works under the direct supervision of a state-certified appraiser to earn experience forlicensure; and
(iii) is registered as a trainee under this chapter.
(t) "Unbiased analysis, opinion, or conclusion" means an analysis, opinion, or conclusionrelating to the nature, quality, value, or utility of identified real estate or identified real propertythat is prepared by a person who is employed or retained to act, or would be perceived by thirdparties or the public as acting, as a disinterested third party in rendering the analysis, opinion, orconclusion.
(2) (a) If a term not defined in this section is defined by rule, the term shall have themeaning established by the division by rule made in accordance with Title 63G, Chapter 3, UtahAdministrative Rulemaking Act.
(b) If a term not defined in this section is not defined by rule, the term shall have themeaning commonly accepted in the business community.
Amended by Chapter 379, 2010 General Session