Compilation of Rules and Regulations of the State of Georgia › Department 539 - RULES OF GEORGIA REAL ESTATE APPRAISERS BOARD › Chapter 539-1 - SUBSTANTIVE REGULATIONS › Rule 539-1-.01A - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) Terms Defined by
			 43-39A-2. As used in this Chapter and Chapters 539-2, 539-3, 539-4, and 539-5 the
			 terms "analysis," "appraisal," "appraisal management company," "appraisal
			 management services," "appraisal report," "appraisal review," "Appraisal
			 Subcommittee," "appraiser," "appraiser classification," "appraiser panel,"
			 "board," "certified appraisal," "client," "commission," "commissioner,"
			 "controlling person," "evaluation assignment," "federally related transaction,"
			 "independent appraisal assignment," "owner," "person," "real estate," "real
			 estate appraisal activity," "real estate related financial transaction," "real
			 property," "specialized services," "state," "valuation," and "valuation
			 assignment" have the same definitions as provided for in O.C.G.A. Section
			  43-39A-2.
(2) Other Terms. As used in this Chapter and
			 Chapters 520-2, 520-3, 520-4, and 520-5 the term:
(a) "Applicant" means any person who has
			 submitted a complete Board-approved application in proper form accompanied by the
			 proper fee. The Board shall consider an application to be in proper form only
			 after the applicant has completed all of the applicable requirements for the
			 appraiser classification, for the appraisal management company registration, or
			 for an approval as set forth in O.C.G.A. Chapter 43-39A and in any Chapter of the
			 Board's Rules and Regulations;
(b)
			 "Candidate for classification" means any person who is in the process of
			 completing the requirements for a classification as set forth in O.C.G.A. Chapter
			 43-39A and in any Chapter of the Board's Rules and Regulations, but who has not
			 successfully completed all of them.
(c) "Credible real estate appraisal
			 explanation" means one worthy of belief and one in which the relevant evidence
			 and logic supports the appraisal assignment's intended use;
(d) "Customer" means a person who has not
			 entered into an agreement for an independent appraisal assignment with an
			 appraiser who holds a classification issued by the Board but for whom an
			 appraiser may perform ministerial acts related to an appraisal
			 assignment;
(e) "Disposition Value"
			 means an opinion of value that, as specified by the client, is established on an
			 exposure period of less than the average market exposure.
(f) "Liquidation Value" means an opinion of
			 value that, as specified by the client, is established on an exposure period of
			 significantly less than the average market exposure;
(g) "Military" means the United States armed
			 forces, including the National Guard;
(h) "Military Spouse" means a spouse of a
			 service member or transitioning service member;
(i) "Ministerial acts" means those acts that an
			 appraiser performs for a person and that do not require discretion or the
			 exercise of the appraiser's own judgment;
(j) "Reliable source" means a source of
			 information typically used by in the area of the assignment and reasonably relied
			 upon by appraisers in the ordinary course of business. The term "reliable source"
			 does not assure the accuracy of all data in the source;
(k) "Service Member" means an active or reserve
			 member of the armed forces, including the National Guard;
(l) "Statutory overnight delivery" means
			 delivery of a document through the United States Postal Service or through a
			 commercial firm that is regularly engaged in the business of document delivery or
			 document and package delivery in which the sender:
1. has directed that delivery be not later than
			 the next business day following the day on which the document is received for
			 delivery by the United States Postal Service or the commercial firm and
2. receives a receipt acknowledging receipt of
			 the document signed by addressee or an agent of the addressee; and
(m) "Transitioning Service Member"
			 means a member of the military on active duty status or on separation leave who
			 is within twenty-four months of retirement or twelve months of
			 separation.