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235.03.1-II. General Definitions

AR ADC 235.03.1-IIArkansas Administrative CodeEffective: July 10, 2020

West's Arkansas Administrative Code
Title 235. Arkansas Department of Labor and Licensing
Division 3. Arkansas Appraiser Licensing and Certification Board
Rule 1. Appraisal Management Company Rules
Effective: July 10, 2020
Ark. Admin. Code 235.03.1-II
Formerly cited as AR ADC 151.00.2-II
235.03.1-II. General Definitions
Currentness
A. The following words and terms when used in these rules will have the following meanings:
1. “Act 628” -- the Arkansas Appraisal Management Company Registration Act of 2009 which amended Arkansas Statute A.C.A. § 17-14-101 et seq. by adding a Subchapter 4.
2. “Assignment” -- means:
a. An agreement between an appraiser and a client to perform a valuation service;
b. The valuation service that is provided as a consequence of such an agreement.
3. “Audit” or “auditing” -- means a formal or official examination and verification of the accounts, correspondence, memoranda, papers, books, and other records of an appraisal management company for compliance with A.C.A. § 17-14-401 et seq. through A.C.A. § 17-14-414 et seq.
4. “Competency” or “Competent” -- refers to the Competency Rule as defined in the Uniform Standards of Professional Appraisal Practice (USPAP).
5. “Complaint” -- means any written document alleging a deficiency on the part of the appraiser or appraisal management company in the completion of an assignment for real property in Arkansas.
6. “Owner” -- means an individual owning more than ten percent (10%) of an appraisal management company.
7. “Registrant” -- means an appraisal management company or person that is registered under this subchapter.
8. “Subject Individual” -- means:
a. A person designated as the controlling person or managing principal as defined in A.C.A. § 17-14-402 (11);
b. An individual with an ownership interest of ten (10) percent or more of an appraisal management company; or
c. In cases where ownership interest of ten (10) percent or more of the appraisal management company is held by an entity other than an individual:
i. An individual who wholly owns a corporation that owns ten (10) percent or more of an appraisal management company;
ii. An individual wholly owning and serving as the only general partner in a limited partnership that owns ten (10) percent or more of an appraisal management company;
iii. An individual wholly owning and managing a limited liability company that owns ten (10) percent or more of an appraisal management company; or
iv. An individual who wholly owns any other type of business entity that owns ten (10) percent or more of an appraisal management company.
9. “System” -- means an organized or established procedure or method.

Credits

Adopted Jan. 1, 2010. Amended July 10, 2020.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 235.03.1-II, AR ADC 235.03.1-II
End of Document