Section 47-14-2 - Definitions. - New Mexico Statutes

47-14-2. Definitions.

As used in the Appraisal Management Company Registration Act :

A.     "appraisal" means the act or process of developing an opinion of the value of real property in conformance with the uniform standards for professional appraisal practice published by the appraisal foundation;

B.     "appraisal foundation" means the appraisal foundation incorporated as an Illinois not-for-profit corporation on November 30, 1987 and to which reference is made in the federal Financial Institutions Examination Council Act of 1978, as amended by Title 11, Real Estate Appraisal Reform Amendments;

C.     "appraisal management company" means a corporation, partnership, sole proprietorship, subsidiary, limited liability company or other business entity that:

(1)     contracts with independent  appraisers to perform real estate appraisal services for clients;

(2)     receives requests for real estate appraisal services from clients and, for a fee paid by the client, enters into an agreement with one or more independent appraisers to perform the real estate appraisal services contained in the request; or 

(3)     otherwise serves as a third-party broker of appraisal management services between clients and appraisers;

D.     "appraisal management services" means the process of receiving a request for the performance of real estate appraisal services from a client, and for a fee paid by the client, entering into an agreement with one or more independent appraisers to perform the real estate appraisal services contained in the request;

E.     "appraiser" means a person who provides an opinion of the market value of real property;

F.     "appraiser panel" means a group of independent appraisers that have been selected by an appraisal management company to perform real estate appraisal services for the appraisal management company;

G.     "board" means the real estate appraisers board created pursuant to the Real Estate Appraisers Act [61-30-1 NMSA 1978];

H.     "client" means a person or entity that contracts with, or otherwise enters into an agreement with, an appraisal management company for the performance of real estate appraisal services;

I.     "controlling person" means:

(1)     an owner, officer or director of a corporation, partnership, limited liability company or other business entity seeking to offer appraisal management services in this state;

(2)     an individual employed, appointed or authorized by an appraisal management company that has the authority to enter into a contractual relationship with clients for the performance of appraisal management services and that has the authority to enter into agreements with independent appraisers for the performance of real estate appraisal services; or

(3)     an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company;

J.     "real estate appraisal services" means the practice of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice published by the appraisal foundation; and 

K.     "uniform standards of professional appraisal practice" means the uniform standards of professional appraisal practice promulgated by the appraisal foundation and adopted by rule pursuant to the Real Estate Appraisers Act.