458.31 Definitions. In this subchapter:
(1) “Appraisal management company” has the meaning given in 12 CFR 34.211 (c).
(2) “Appraisal management services” has the meaning given in 12 CFR 34.211 (d).
(3)
(a) Except as provided in par. (b), “appraisal review" means the process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment or appraisal review assignment related to the appraiser's data collection, analysis, opinions, conclusions, estimate of value, or compliance with the Uniform Standards of Professional Appraisal Practice described in s. 458.24.
(b) “Appraisal review" does not include any of the following:
1. A general examination for grammatical, typographical, mathematical, or other similar errors.
2. A general examination for completeness, including regulatory or client requirements as specified in the agreement process, that does not communicate an opinion of value.
(4) “Appraiser panel” has the meaning given in 12 CFR 34.211 (e).
(5) “Client" means a person that contracts with an appraisal management company for the performance of appraisal management services for the person.
(6) “Controlling individual" means any of the following:
(a) An owner, officer, or director of an appraisal management company.
(b) An individual who is authorized by an appraisal management company to do all of the following:
1. Contract with a client.
2. Contract with an independent appraiser to perform an appraisal service.
(c) An individual who has, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company.
(7) “Federally regulated appraisal management company" has the meaning given in 12 CFR 34.211 (k).
(8) “Independent appraiser" means an appraiser who performs an appraisal service on an independent contractor basis.
(9) “Licensed appraisal management company" means an appraisal management company licensed under s. 458.33.
(10) “Person" has the meaning given in 12 CFR 34.211 (m).
History: 2017 a. 113.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.