61-2e-102 - Definitions. - Utah Statutes

61-2e-102. Definitions.
As used in this chapter:
(1) "Applicable appraisal standards" means:
(a) the Uniform Standards for Professional Appraisal Practice:
(i) published by the Appraisal Foundation; and
(ii) as adopted under Section 61-2b-27;
(b) Chapter 2b, Real Estate Appraiser Licensing and Certification Act; and
(c) rules made by the board under Chapter 2b, Real Estate Appraiser Licensing andCertification Act.
(2) "Appraisal" is as defined in Section 61-2b-2.
(3) "Appraisal foundation" is as defined in Section 61-2b-2.
(4) "Appraisal management company" means an entity that:
(a) administers a network of appraisers to perform real estate appraisal activities for oneor more clients;
(b) (i) receives a request for a real estate appraisal activity from a client; and
(ii) for a fee paid by the client, enters into an agreement with one or more appraisers toperform the real estate appraisal activity contained in the request; or
(c) otherwise serves as a third-party broker of an appraisal management service betweena client and an appraiser.
(5) "Appraisal management service" means a process of:
(a) receiving a request for the performance of a real estate appraisal activity from aclient; and
(b) for a fee paid by the client, entering into an agreement with one or more appraisers toperform the real estate appraisal activity contained in the request.
(6) "Appraisal report" is as defined in Section 61-2b-2.
(7) "Appraiser" means an individual who engages in a real estate appraisal activity.
(8) "Appraiser panel" means a group of appraisers that are selected by an appraisalmanagement company to perform real estate appraisal activities for the appraisal managementcompany.
(9) "Board" means the Real Estate Appraiser Licensing and Certification Board that iscreated in Section 61-2b-7.
(10) "Client" means a person that enters into an agreement with an appraisal managementcompany for the performance of a real estate appraisal activity.
(11) "Controlling person" means:
(a) an owner, officer, or director of an entity seeking to offer appraisal managementservices;
(b) an individual employed, appointed, or authorized by an appraisal managementcompany who has the authority to:
(i) enter into a contractual relationship with a client for the performance of an appraisalmanagement service; and
(ii) enter into an agreement with an appraiser for the performance of a real estateappraisal activity; or
(c) an individual who possesses, directly or indirectly, the power to direct or cause thedirection of the management or policies of an appraisal management company.
(12) "Director" means the director of the division.

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(13) "Division" means the Division of Real Estate of the Department of Commerce.
(14) "Entity" means:
(a) a corporation;
(b) a partnership;
(c) a sole proprietorship;
(d) a limited liability company;
(e) another business entity; or
(f) a subsidiary or unit of an entity described in Subsections (14)(a) through (e).
(15) "Person" means an individual or an entity.
(16) "Real estate appraisal activity" is as defined in Section 61-2b-2.

Enacted by Chapter 269, 2009 General Session