AMC. An appraisal management company.
Applicant. A person who applies to be registered as an appraisal management company in the Commonwealth.
Appraisal Foundation or TAF. The nonprofit organization congressionally-authorized to develop standards and qualifications for real estate appraisers under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and overseen by the Appraisal Subcommittee.
Appraisal Management Company. An entity that:
Appraisal Management Services. Any of the following performed by an appraisal management company:
Appraisal Services. The services required to perform an appraisal, including defining the scope of work, inspecting the property, reviewing necessary and appropriate public and private data sources including, but not limited to, multiple listing services, tax assessment records and public land records, developing and rendering an opinion of value and preparing and submitting the appraisal report.
Appraisal Subcommittee or ASC. A subcommittee of the Federal Financial Institutions Examination Council established pursuant to Title XI of FIRREA to oversee The Appraisal Foundation.
Appraiser Panel. A network, list or roster of licensed or certified appraisers approved by an appraisal management company who perform appraisals as independent contractors for appraisal management companies; provided, however, that such licensed or certified appraisers shall include:
Board. The Commonwealth of Massachusetts Board of Registration of Real Estate Appraisers.
Commonwealth. The Commonwealth of Massachusetts.
Controlling Person. A person who is designated and has accepted the designation of controlling person under the procedure established by the Board and who is:
Covered Transaction. An extension of consumer credit that is or will be secured by the consumer's principal dwelling.
Division. The Division of Occupational Licensure.
Employee in Charge. A designated employee of an appraisal management company who holds a valid license as an appraiser and who has the responsibilities and obligations to the board as set forth in M.G.L. c. 112, § 281.
Managing Principal. A Controlling Person or Employee in Charge.
National AMC Registry. The national registry maintained by the Appraisal Subcommittee, of companies that meet the federal definition of AMC in 12 U.S.C. 3350(11); are registered by a state or are federally regulated; and have paid the annual national AMC registry fee.
National AMC Registry Fee. The fee that the Board is mandated to collect from each appraisal management company that either has registered with the Board or operates as a subsidiary of a federally regulated financial institution and transmit to the national AMC registry in accordance with 12 U.S.C. § 3338(a)(4) B).
Person. A natural person or an organization, including a sole proprietorship, partnership, limited liability company, limited partnership, corporation, association or other group engaged in joint business activities, however organized.
Uniform Standards of Professional Appraisal Practice and USPAP. The appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation.
264 CMR 13.01