Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1502 - Appraisal Management Companies › Chapter 1 - Definitions › Rule 30-1502-1.1 - Definitions

Current through June 25, 2024
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.