Mich. Admin. Code R. 339.23101 - Definitions
Rule 101.
(1) As
used in these rules:
(a) "Board" means the
Michigan board of real estate appraisers created under section 2603 of the
code, MCL
339.2603.
(b) "Code" means the occupational code, 1980
PA 299, MCL
339.101 to
339.2677.
(c) "Transaction value" means either of the
following:
(i) For loans or other extensions
of credit, or for sales, leases, purchases, and investments, or in exchanges of
real property, the market value of the real property interest
involved.
(ii) For the pooling of
loans or interests in real property for resale or purchase, the amount of the
loan or market value of the real property calculated with respect to each loan
or interest in real property.
(2) A term defined in articles 1 to 6 and 26
of the code, MCL
339.101 to
339.606 and
339.2601 to
339.2637, has the same meaning
when used in these rules.
Notes
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