Pennsylvania Code › Title 49 - PROFESSIONAL AND VOCATIONAL STANDARDS › Part I - DEPARTMENT OF STATE › Subpart A - PROFESSIONAL AND OCCUPATIONAL AFFAIRS › Chapter 36 - STATE BOARD OF CERTIFIED REAL ESTATE APPRAISERS › Subchapter E - APPRAISAL MANAGEMENT COMPANIES › GENERAL PROVISIONS › Section 36.401 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this
						  subchapter, have the following meanings, unless the context clearly indicates
						  otherwise:
AMC National Registry
-The National
						  registry maintained by ASC of appraisal management companies that:
(i) Meet the Federal definition of "appraisal
						management company" as defined in section 1121(11) of FIRREA (12 U.S.C.A. §
													3350(11)).
(ii) Are registered by a state or are
						Federally regulated.
(iii) Have
						paid the annual AMC registry fee.
AMCRA
-The Appraisal Management Company
						  Registration Act (63 P.S. §§
													457.21-457.31).
AQB
-The Appraiser Qualifications Board
						  appointed by The Appraisal Foundation, which promulgates education, experience
						  and other criteria for licensing, certification and recertification of
						  qualified appraisers.
ASC
-The Appraisal Subcommittee of the
						  Federal Financial Institutions Examination Council.
AVM-Automated
valuation model
-As
						  defined by section 1125(d) of FIRREA (12 U.S.C.A. §
													3354(d)), a computerized
						  model used by mortgage originators and secondary market issuers to determine
						  the collateral worth of a mortgage secured by a consumer's principal
						  dwelling.
The Appraisal Foundation
-The entity
						  identified in section 1121(9) of FIRREA.
Appraiser panel
-A network or panel of
						  certified or licensed appraisers who are independent contractors to an
						  appraisal management company. Appraisers on an appraisal management company
						  appraisal panel include all of the following:
(i) Appraisers engaged by the appraisal
						management company.
(ii) Appraisers
						accepted by the appraisal management company for consideration in future
						appraisal assignments.
Assignment
-As defined by USPAP, an
						  agreement between an appraiser and a client to provide a valuation service and
						  the valuation service that is provided as a consequence of an agreement.
BPO-Broker
price opinion
-As defined by
						  section 1126(b) of FIRREA (12 U.S.C.A. §
													3355(b)), an estimate
						  prepared by a real estate broker, agent or sales person that details the
						  probable selling price of a particular piece of real estate property and
						  provides a varying level of detail about the property's condition, market and
						  neighborhood, and information on comparable sales, but does not include an
						  AVM.
Bureau
-The Bureau of Professional and
						  Occupational Affairs of the Department.
CHRIA
-18 Pa.C.S. Chapter 91 (relating
						  to Criminal History Record Information Act).
Comparative market analysis
-As defined
						  in section 201 of RELRA (63 P.S. §
													455.201), a written analysis, opinion or
						  conclusion by a contracted buyer's agent, transactional licensee, or an actual
						  or potential seller's agent relating to the probable sale price of a specified
						  piece of real estate in an identified real estate market at a specified time,
						  offered either for the purpose of determining the asking/offering price for the
						  property by a specific actual or potential consumer, or for the purpose of
						  securing a listing agreement with a seller.
Compliance person
-An individual who is
						  employed, appointed or authorized by an appraisal management company to be
						  responsible for ensuring compliance with AMCRA and this subchapter.
Conviction
-
(i) An ascertainment of guilt of the accused
						and judgment thereon by a court, including disposition of a criminal proceeding
						under the laws of the Commonwealth, or any similar disposition under the laws
						of another jurisdiction, by a plea of guilty, guilty but mentally ill or nolo
						contendere, or a verdict of guilty or guilty but mentally ill.
(ii) The term does not include an
						adjudication of delinquency under 42 Pa.C.S. Chapter 63 (relating to Juvenile
						Act).
Department
-The Department of State of
						  the Commonwealth.
Evaluation
-A valuation required by
						  regulations of Federal financial institution regulatory agencies for
						  transactions that qualify for an exemption from the appraisal requirement under
						  any one of the following provisions:
(i) The Office of Comptroller of the Currency
						in 12 CFR
						34.43(a)(1), (5) or (7)
						(relating to appraisals required; transactions requiring a State certified or
						licensed appraiser).
(ii) The Board
						of Governors of the Federal Reserve System in
						12 CFR
						225.63(a)(1), (5) or (7)
						(relating to appraisals required; transactions requiring a State certified or
						licensed appraiser).
(iii) The
						Federal Deposit Insurance Corporation in
						12 CFR
						323.3(a)(1), (5) or (7)
						(relating to appraisals required; transactions requiring a State certified or
						licensed appraiser).
(iv) The
						Office of Thrift Supervision in
						12 CFR
						564.3(a)(1), (5) or (7)
						(relating to appraisals required; transactions requiring a State certified or
						licensed appraiser).
(v) The
						National Credit Union Administration in
						12 CFR
						722.3(a)(1) or (5) (relating
						to appraisals required; transactions requiring a State certified or licensed
						appraiser).
Exempt company
(i) A person that is exempt from registering
						under AMCRA as set forth in section 1124(c) of FIRREA (12 U.S.C.A. §
													3353(c)).
(ii) This term is synonymous with "Federally
						regulated AMC" as defined in 12 CFR 34.211(k)
						(relating to definitions).
FIRREA
-
(i) The Financial Institutions Reform,
						Recovery, and Enforcement Act of 1989 (Pub.L. No. 101-73, 103 Stat.
						183).
(ii) Unless expressly stated
						or clearly implicit from the context, a reference to FIRREA in this subchapter
						includes only those provisions that relate to appraisal standards or appraisal
						management services.
Federally-related transaction
-A real
						  estate-related financial transaction which a Federal financial institution
						  regulatory agency or the Resolution Trust Corporation engages in, contracts for
						  or regulates which requires the services of an appraiser.
In good standing
(i) When referring to an individual certified
						or licensed by the Board to perform appraisals, an individual who is authorized
						under REACA to perform appraisals, or to act as a licensed appraiser
						trainee.
(ii) The term includes an
						individual who has an active unrestricted certificate or license, or a
						certificate or license that is on probation or subject to a restriction ordered
						by the Board.
(iii) The term does
						not include an individual who holds a certificate or license that is inactive
						or expired, or that is suspended or revoked.
Key person
-A person other than a
						  compliance person who is a director, officer, supervisor, manager or other
						  person performing a similar function in an appraisal management company.
Mortgage Bankers and Brokers and Consumer
						  Equity Protection Act
-63 P.S. §§ 456.101-456.3101.
NRSRO
-A designated
						  Nationally-recognized statistical rating organization of the United States
						  Securities and Exchange Commission or its successor.
Non-Federally related transaction
-A
						  real estate-related transaction that is not a Federally-related
						  transaction.
Order
-When used in the context of the
						  contractual relationship between an appraiser and an appraisal management
						  company, an agreement between an appraiser and an appraisal management company
						  that pertains to a specified valuation assignment, including a disclosure of
						  the amount of the appraisal fee, the terms and time frame for payment, and the
						  appraisal management company registration number.
Order solicitation
-An offer to
						  contract with an appraiser to perform an appraisal resulting in an
						  order.
Owner
-A person that owns, in whole or
						  in part, directly or indirectly, an appraisal management company.
Panel solicitation
-An offer to add an
						  appraiser to the appraiser panel used by an appraisal management
						  company.
REACA
-The Real Estate Appraisers
						  Certification Act (63 P.S. §§
													457.1-457.19).
REARA-Real Estate Appraisal Reform
						  Amendments
-
(i) Title XI of
						FIRREA (12 U.S.C.A.
						§§
													3331-3355).
(ii) Unless expressly stated or clearly
						implicit from the context, a reference to REARA in this subchapter includes
						only those provisions that relate to appraisal standards or appraisal
						management services.
RELRA
-The Real Estate Licensing and
						  Registration Act (63 P.S. §§
													455.101-455.902).
Real estate-related financial
						  transaction
-A transaction involving one or more of the
						  following:
(i) Sale, lease, purchase,
						investment in or exchange of real property, including interests in property or
						the financing thereof.
(ii)
						Refinancing of real property or interests in real property.
(iii) Use of real property or interests in
						property as security for a loan or investment, including mortgage-backed
						securities.
Registrant
-An appraisal management
						  company that is registered under AMCRA.
Solicit
or
solicitation
-An offer to contract with an appraiser to perform
						  an appraisal or an offer to an appraiser to be included in an appraisal
						  management company's appraiser panel.
Supervisor
-An individual who is an
						  agent of an appraisal management company and who has the authority to do one or
						  more of the following:
(i) Enter into
						a contract with clients for the performance of appraisal services.
(ii) Solicit or enter into an agreement for
						an assignment with independent appraisers.
(iii) Direct or cause the direction of the
						management or policies of the appraisal management company.
TILA
-
(i) The Truth in Lending Act (15 U.S.C.A. §§
													1601-
						1667f).
(ii) Unless expressly stated or clearly
						implicit from the context, a reference to TILA in this subchapter includes only
						those provisions that relate to appraisal standards or appraisal management
						services.
USPAP
-The term as defined in 36.1
						  (relating to definitions).
The provisions of this §
														36.401 amended under section 4(a)
							 of the Appraisal Management Company Registration Act (63 P.S. §
															457.24(a)).