30 Miss. Code. R. 1502-1.1 - Definitions
As used in these rules, the following words and terms shall have the following meaning:
1. "AMC
National Registry" means the national registry maintained by the ASC (Appraisal
Subcommittee) of those Appraisal Management Companies (AMCs) that meet the
federal definition of AMC, as defined in
12
U.S.C. Section 3350(11), are
registered by a state or are federally regulated, and have paid the annual AMC
registry fee.
2.. "Applicant"
means any person or entity who has applied for a Certificate of Registration as
an Appraisal Management Company (AMC) with the Mississippi Real Estate
Appraiser Licensing and Certification Board (MAB).
3. "Appraisal Foundation" means the Appraisal
Foundation, as defined by
12
U.S.C. Section 3350, or its successor.
4.. "Appraisal Management Company"
or "AMC" means any person or entity defined in Miss. Code Ann. §
73-34-3,
required to register with MAB under the Mississippi Appraisal Management
Company Registration Act.
5.
"Appraisal Subcommittee" or "ASC" means the Appraisal Subcommittee of the
Federal Financial Institutions Examination Council, or its successor.
6. "Appraiser" means an individual
person who currently holds a current valid Mississippi license as a state
Licensed Real Estate Appraiser, a state Licensed Certified Residential Real
Estate Appraiser or a state Licensed Certified General Real Estate Appraiser;
or an out of state certified or licensed appraiser who holds a current valid
temporary practice permit issued by the MAB entitling that individual person to
perform an appraisal of real property in the State of Mississippi consistent
with the scope of practice identified in the Real Property Appraiser
Qualification Criteria promulgated by the Appraiser Qualifications Board of the
Appraisal Foundation.
7.
"Appraiser Panel" means a network, list or roster of licensed or certified
appraisers approved by an AMC to perform appraisals as independent contractors
for the AMC.
8. "Appraiser
Qualifications Board" means the Appraiser Qualifications Board of the Appraisal
Foundation, or its successor.
9.
"Board" or "MAB" means the Mississippi Real Estate Appraiser Licensing and
Certification Board.
10.
"Certificate of Registration" means a certificate issued by the MAB verifying
the registration of a person or entity as being approved to conduct business in
the State of Mississippi as an AMC.
11. "Commission" or "MREC" means the
Mississippi Real Estate Commission.
12. "Controlling Person" means one or more of
the following:
(a) An officer or director
, or an owner of greater than a (10%) interest of a corporation,
partnership, or other business entity, seeking to offer Appraisal Management
Company services in this state;
(b) An individual employed, appointed, or
authorized by an AMC that has the authority to enter into a contractual
relationship with other persons for the performance of appraisal management
services and has the authority to enter into agreements with appraisers for the
performance of appraisals; or
(c)
An individual who possesses, directly or indirectly, the power to direct or
cause the direction of the management or policies of an AMC.
13. "Designated Officer" means a
Controlling Person who is an employee of the AMC authorized by the governing
structure of the AMC to act on its behalf for the purposes of application for,
and compliance with, a Certificate of Registration to operate as an Appraisal
Management Company, as further set forth pursuant to the Board's laws, rules
and regulations.
14. "Federally
related transaction" means any real estate-related financial transaction which
a federal financial institutions regulatory agency or the Resolution Trust
Corporation engages in, contracts for, or regulates, and which requires the
services of an appraiser.
15.
"Federal financial institutions regulatory agencies" means the Board of
Governors of the Federal Reserve System, the Federal Deposit Insurance
Corporation, the Office of the Comptroller of the Currency, the Office of
Thrift Supervision, and the National Credit Union Administration.
16. "Registrant" means any person or entity
authorized to conduct business as an AMC in Mississippi memorialized by
issuance of a Certificate of Registration by the MAB.
17. "Registration" means the procedure and
requirements with which a person or entity shall comply in order to qualify to
conduct business as an AMC in the State of Mississippi.
18. "Uniform Standards of Professional
Appraisal Practice" means the current standards of the appraisal profession,
developed for appraisers and users of appraisal services by the Appraisal
Standards Board of the Appraisal Foundation.
19. "USPAP" means the Uniform Standards of
Professional Appraisal Practice.
Notes
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