324A.150 Definitions for KRS 324A.150 to 324A.164.

402 words·~2 min read·/ky/chapter-324a/324a-150

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

As used in KRS 324A.150 to 324A.164, unless the context otherwise requires:

(1)"Appraisal management company" means a person who performs the actions

necessary to administer a network of state-licensed appraisers to fulfill requests for

appraisal management services on behalf of a client, whether directly or through the

use of software products or online, including but not limited to any of the following

actions:

(a)Recruiting appraisers;

(b)Contracting with appraisers to perform appraisal services;

(c)Collecting fees from clients;

(d)Negotiating fees with appraisers or reimbursing appraisers for appraisal

services;

(e)Receiving appraisal orders and appraisal reports;

(f)Submitting appraisal reports received from appraisers to the company's

clients;

(g)Reviewing or verifying appraisal reports; or

(h)Managing the process of having an appraisal performed, including providing

related administrative and clerical duties;

(2)"Appraisal management services" means conducting business by telephone, by

electronic means, by mail, or in person, directly or indirectly for compensation or

other pecuniary gain or in the expectation of compensation or other pecuniary gain

to:

(a)Solicit, accept, or offer to accept a request for appraisal services; or

(b)Employ or contract with a licensed or certified appraiser to perform appraisal

services;

(3)"Appraisal services" means the practice of developing an opinion of the value of

real estate in conformity with the minimum USPAP standards;

(4)"Appraiser" means an individual licensed by the board who, for a fee or other

consideration, develops and communicates a real estate appraisal or otherwise gives

an opinion of the value of real estate or any interest in real estate in conformity with

the minimum USPAP standards;

(5)"Appraiser panel" means a network, list, or roster of licensed or certified appraisers

approved by an appraisal management company to perform appraisals as

independent contractors for the appraisal management company;

(6)"Board" means the Kentucky Real Estate Appraisers Board established by KRS

324A.015;

(7)"Client" means a person that contracts with or otherwise enters into an agreement

with an appraisal management company for the performance of appraisal services;

(8)"Controlling person" means an individual employed, appointed, or authorized by an

appraisal management company to contract with clients or independent appraisers

for the performance of appraisal services;

(9)"Managing principal" has the same meaning as "controlling person";

(10)"Registrant" means an appraisal management company or person that is registered

or seeking registration under KRS 324A.152; and

(11)"USPAP" means the Uniform Standards of Professional Appraisal Practice.