Section R162-2e-102 - Definitions(1) "Affiliation" means a business association:(a) between: (i) two individuals registered, licensed, or certified under Title 61, Chapter 2g, Real Estate Appraiser Licensing and Practices Act; or(ii) an individual registered, licensed, or certified under Title 61, Chapter 2g, Real Estate Appraiser Licensing and Practices Act and: (A) an appraisal entity; or(b) for providing an appraisal service; and(c) regardless of whether an employment relationship exists between the parties.(2) The acronym "AMC" stands for appraisal management company.(3) "Business day" means a day other than:(c) a state or federal holiday.(4) "Client" is defined in Subsection 61-2e-102(10).(5) "Competency statement" means a statement provided by the AMC to the appraiser that, at a minimum, requires the appraiser to attest that the appraiser:(a) is competent according to USPAP standards;(b) recognizes and agrees to comply with:(i) laws and rules that apply to the appraiser and to the assignment;(ii) assignment conditions; and(iii) the scope of work outlined by the client; and(c) has access, either independently or through an affiliation pursuant to Subsection (1), to the records necessary to complete a credible appraisal, including: (i) multiple listing service data; and(6) For purposes of this rule, "Employee" means an individual:(a) whose manner and means of work performance are subject to the right of control of, or are controlled by, another person; and(b) whose compensation for federal income tax purposes is reported, or is required to be reported, on a W-2 form issued by the controlling person.(7) For purposes of this rule, "Employee" does not mean an independent contractor who performs duties other than at the discretion of, and subject to the supervision and instruction of, another person.(8) For purposes of Section R162-2e-304 the term "general criteria" means a standard description of the factors the AMC considers when ranking or differentiating appraisers or tiers within a panel of appraisers.(9) "Select" means: (a) for purposes of composing the AMC appraiser panel, to review and evaluate the qualifications of an appraiser who applies to be included on the AMC's appraiser panel; and(b) for purposes of assigning an appraisal activity to an appraiser:(i) to choose from the AMC's appraiser panel an individual appraiser or appraisal entity to complete an assignment; or(ii) to compile, from among the appraisers included in the AMC's appraiser panel, an electronic distribution list of appraisers to whom an assignment will be offered through email.(10) "Third-Party Property Data Collector" means a person engaged to collect relevant property data characteristics or who conducts a property site visit of the subject property for use in a valuation assignment performed by an appraiser.(11) The acronym "USPAP" stands for Uniform Standards of Professional Appraisal Practice. The 2024 edition of USPAP is incorporated by reference.Utah Admin. Code R162-2e-102
Amended by Utah State Bulletin Number 2018-22, effective 11/5/2018Amended by Utah State Bulletin Number 2024-09, effective 4/24/2024