N.M. Admin. Code § 1.5.23.7

Current through Register Vol. 35, No. 24, December 23, 2024

Section 1.5.23.7 - DEFINITIONS

A."Acquisition" means, unless usage indicates otherwise, obtaining title in fee simple absolute to real estate by purchase, trade, gift or donation.

B."Appraisal report" means a report of an opinion of value conducted by a general certified appraiser and that meets all requirements under the Uniform Standards of Professional Appraisal Practice (USPAP).

C."Board" means state board of finance.

D."Consideration" means something which is of a value at least equal to the value of the real property interest being conveyed, including but not limited to cash, another piece of real estate, services, or other form of compensation.

E."Current" means:

(1) in the context of an appraisal, an appraisal report with an effective date within one year of the date of submission of the proposed transaction to the board for approval, and

(2) in the context of a title binder, dated within six months of the proposed closing date.

F."General certified appraiser" means a person who holds a valid, current general certificate as a state certified real estate appraiser issued by the real estate appraisers board pursuant to the Real Estate Appraisers Act.

G."Local public body" means all political subdivisions, but not including municipalities except for those transactions where board approval is required by law and school districts, of the state and their agencies, instrumentalities and institutions.

H."Private entity" means any non-public entity, including but not limited to persons, associations, and both for-profit and non-profit corporations. It does not include Indian nations, tribes and pueblos.

I."Public entity" means a local public body, a state agency, a school district or state educational institution.

J."Real property" means any interest in real estate, including but not limited to estates in fee simple, leaseholds (including subleaseholds and any leases entered into pursuant to Section 4-38-13.1 NMSA 1978), water rights and permanent easements.

K."Residential certified appraiser" means a person who holds a valid, current residential certificate as a state certified real estate appraiser issued by the real estate appraisers board pursuant to the Real Estate Appraisers Act (who has met the qualification required in Subsection C of Sections 60-30-12 NMSA 1978 and 16.62.4.8 NMAC).

L."Sale, trade or lease" means any disposition of real property, including but not limited to donations by one governmental entity to another governmental entity, but disposition does not include demolition of buildings or other improvements on real property owned by the public body.

M."School district" means those political subdivisions of the state established for the administration of public schools.

N."State agency" means the state of New Mexico or any of its branches, agencies, departments, boards, instrumentalities, or institutions other than state educational institutions.

O."School districts" means those political subdivisions of the state established for the administration of public schools.

P."State educational institution" means Article XII, Section 11 educational institutions.

Q."Term" means the period of time during which a lease is in effect, and includes all renewal options or extensions.

N.M. Admin. Code § 1.5.23.7

1.5.23.7 NMAC - N, 2-14-2001; A, 6-28-2002; A, 9-30-2004; A, 3-15-2010, Adopted by New Mexico Register, Volume XXXV, Issue 24, December 23, 2024, eff. 12/23/2024