Section 73-34-3 - DefinitionsAs used in this chapter, the following terms and phrases shall have the following meanings unless the context clearly indicates otherwise:
(a) "Appraisal" means an analysis, opinion or conclusion prepared by a real estate appraiser relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real estate or identified real property performed in accordance with the Uniform Standards for Professional Appraisal Practice. An appraisal may be classified by the nature of the assignment into either a valuation assignment or an evaluation assignment. The term "valuation assignment" means an analysis, opinion or conclusion prepared by a real estate appraiser that estimates the value of an identified parcel of real estate or identified real property at a particular point in time. The term "evaluation assignment" means an analysis, opinion or conclusion prepared by a real estate appraiser that relates to the nature, quality or utility of identified real estate or identified real property.(b) "Appraisal report" means any communication, written or oral, of an appraisal. For the purposes of this chapter, the testimony of an appraiser dealing with the appraiser's analyses, conclusions or opinions concerning identified real property is deemed to be an oral appraisal report.(c) "Board" means the Mississippi Real Estate Appraisal Board that is established under the provisions of this chapter.(d) "Certified appraisal report" means an appraisal report given or signed and certified as such by a state certified real estate appraiser. When a state certified real estate appraiser identifies an appraisal report as "certified," such state certified real estate appraiser must indicate which type of certification he holds. The certification of an appraisal report by a state certified real estate appraiser represents to the public that it meets the appraisal standards established under this chapter.(e) "Licensed real estate appraiser" means a person who holds a current, valid appraisal license issued to him under the provisions of this chapter.(f) "Real estate or real property" means an identified parcel or tract of land, with improvements, and includes easements, rights-of-way, undivided or future interest, or similar rights in a tract of land, but does not include mineral rights, timber rights, growing crops, water rights, or similar interests severable from the land when the transaction does not involve the associated parcel or tract of land.(g) "Real estate appraisal activity" means the act or process of making an appraisal of real estate or real property and preparing an appraisal report.(h) "Real estate appraiser" means a person who engages in real estate appraisal activity for a fee or other valuable consideration.(i) "Real property" means one or more defined interests, benefits or rights inherent in the ownership of real estate.(j) "State certified real estate appraiser" means a person who holds a current, valid license as a real estate appraiser issued to him under the provisions of this chapter for certified real estate appraisers.(k) "Appraisal management company" or "AMC" means, in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party that oversees a network or panel of more than fifteen (15) certified or licensed appraisers in this state or twenty-five (25) or more nationally within a given year, that is authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets to: (i) Recruit, select, and retain appraisers;(ii) Contract with licensed and certified appraisers to perform appraisal assignments;(iii) Manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or(iv) Review and verify the work of appraisers.(l) "Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment, except that a quality control examination of an appraisal shall not be an appraisal review.(m) "Appraiser" means an individual who holds a license or certification as an appraiser and is expected to perform valuation services competently and in a manner that is independent, impartial and objective.(n) "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.(o) "Controlling person" means:(i) An officer or director, or owner of greater than a ten percent (10%) interest, of a corporation, partnership or other business entity, seeking to act as an appraisal management company in this state;(ii) An individual employed, appointed, or authorized by an appraisal management company that has the authority to enter into a contractual relationship with other persons for the performance of services requiring registration as an appraisal management company and has the authority to enter into agreements with appraisers for the performance of appraisals; or(iii) An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company.(p) "Federal financial institutions regulatory agencies" means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.(q) "Federally related transaction" means any real estate-related financial transaction which a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates, and which requires the services of an appraiser.(r) "Person" means an individual, firm, partnership, limited partnership, limited liability company, association, corporation, or other group engaged in joint-business activities, however organized.(s) "Quality control examination" means an examination of an appraisal report for compliance and completeness, including grammatical, mathematical, typographical or other similar errors.(t) "Real estate-related financial transaction" means any transaction involving: (i) The sale, lease, purchase, auction, investment in or exchange of real property, including interests in property, or the financing thereof;(ii) The refinancing of real property or interests in real property; and(iii) The use of real property or interests in property as security for a loan or investment, including mortgage-backed securities.(u) "Uniform Standards of Professional Appraisal Practice" means the current standards of the appraisal profession, developed for appraisers and users of appraisal services by the Appraisal Standards Board of the Appraisal Foundation.(v) "USPAP" means the Uniform Standards of Professional Appraisal Practice.(w) "Appraisal Foundation" means the Appraisal Foundation, as defined by 12 USC Section 3350, or its successor.(x) "Appraisal Standards Board" means the Appraisal Standards Board of the Appraisal Foundation, or its successor.(y) "Appraisal Subcommittee" means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, or its successor.(z) "Appraiser Qualifications Board" means the Appraiser Qualifications Board of the Appraisal Foundation, or its successor.(aa) "Supervisory appraiser" means a supervisory appraiser as defined by the Appraiser Qualifications Board.(bb) "Trainee appraiser" means a trainee appraiser as defined by the Appraiser Qualifications Board. Laws, 1990, ch. 576, § 2; Laws, 1993, ch. 559, § 1, eff. 4/9/1993. .Amended by Laws, 2023, ch. 501, SB 2673,§ 2, eff. 7/1/2023.Amended by Laws, 2019, ch. 390, SB 2697,§ 2, eff. 7/1/2019.Amended by Laws, 2011, ch. 458, HB 1337, 17, eff. 12/1/2013.