Utah Admin. Code R162-2g-102 - Definitions
(1) "Affiliation" means an ongoing business
association:
(a) between:
(i) two individuals registered, licensed, or
certified under Title 61, Chapter 2g, Real Estate Appraiser Licensing and
Certification Act; or
(ii) an
individual registered, licensed, or certified under Title 61, Chapter 2g, Real
Estate Appraiser Licensing and Certification Act, and:
(A) an appraisal entity; or
(B) a government agency;
(b) for providing an appraisal
service; and
(c) regardless of
whether an employment relationship exists between the parties.
(2) The acronym "AQB" stands for
the Appraiser Qualifications Board of the Appraisal Foundation.
(3) "Board" means the Utah Real Estate
Appraiser Licensing and Certification Board.
(4) "Business day" means a day other than:
(a) a Saturday;
(b) a Sunday; or
(c) a federal or state holiday.
(5) The acronym "CAMA" stands for
Computer Assisted Mass Appraisal.
(6) "Classification" means the type of
license or certification held by an appraiser.
(7) "Day" means calendar day unless specified
as "business day."
(8) "Deferral"
means the postponement or delay for completion of a continuing education
requirement due to active military duty or due to the impacts of a state- or
federally-declared disaster as specified in Section
R162-2g-306a.
(9) "Desk review" means review of an
appraisal:
(a) including verification of the
data; but
(b) not including a
physical inspection of the property.
(10) "Distance education" means an education
process based on the geographical separation of student and instructor,
including:
(a) computer
conferencing;
(b) satellite
teleconferencing;
(c) interactive
audio;
(d) interactive computer
software;
(e) Internet-based
instruction; and
(f) other
interactive online courses.
(11) "Division" means the Division of Real
Estate of the Department of Commerce.
(12) "Draft report" means an appraisal report
that is distributed before it is completed, as provided in Subsection
R162-2g-502b(1).
(13) "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 this subsection.
(14) "Field review" means review of an
appraisal, including:
(a) a physical
inspection of the property; and
(b)
verification of the data.
(15) "Non-certified education" means a
continuing education course offered outside of Utah, but for which a licensee
may apply for credit pursuant to Subsection
R162-2g-307d(4).
(16) The acronym "PAREA" stands for Practical
Applications of Real Estate Appraisal approved by the AQB as an alternative to
the supervisor trainee model for gaining appraisal experience.
(17) "Person" means an individual or an
entity.
(18) "Reinstatement" means
renewing a license or certification for an additional period after its
expiration date has passed, but before 12 months after the expiration
date.
(19) The acronym "RELMS"
stands for Real Estate Licensing and Management System, which is the online
database through which individuals registered, licensed, or certified under
this rule must submit certain information to the division.
(20) "Renewal" means reissuing a license or
certification upon its expiration for an additional period.
(21) "School" means:
(a) an accredited college, university, junior
college, or community college;
(b)
any state or federal agency or commission;
(c) a nationally recognized real estate
appraisal or real estate related organization, society, institute, or
association; or
(d) any school or
organization approved by the board.
(22) "School director" means an authorized
individual in charge of the educational program at a school.
(23) "Supervisory Appraiser" means a
state-certified residential appraiser or a state-certified general appraiser
that directly supervises a trainee.
(24) "Trainee" means a person who is working
under the direct supervision of a state-certified residential appraiser or a
state-certified general appraiser to earn experience hours for licensure, and
who meets the requirements of Section
R162-2g-302.
(25) "Transaction value" means:
(a) for loans or other extensions of credit,
the amount of the loan or extension of credit;
(b) for sales, leases, purchases, and
investments in, or exchanges of, real property, the market value of the real
property interest involved; and
(c)
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 such loan or interest in real property.
(26) The acronym "USPAP" stands for the
Uniform Standards of Professional Appraisal Practice published by the Appraisal
Foundation. The 2024 edition of USPAP is incorporated by reference.
(27) "Virtual-live education" also described
as synchronous education, means education that is presented in a live, video
conferencing format, using interactive instructional methods where instructor
and student may be separated by distance but not by time. Approved courses may
include either pre-licensing or continuing education courses. An instructor of
a virtual-live course can interact, and does interact with students in real
time.
Notes
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