§ 457.22. Definitions
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 63 P.S. Professions and Occupations (State Licensed)Effective: July 31, 2012
Effective: July 31, 2012
63 P.S. § 457.22
§ 457.22. Definitions
The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:
“Applicant.” A person who files an application for registration as an appraisal management company.
“Appraisal.” The term has the meaning provided in section 2 of the act of July 10, 1990 (P.L. 404, No. 98),1 known as the Real Estate Appraisers Certification Act.
“Appraisal management company.” A person that provides appraisal management services and acts as a third-party intermediary between a person seeking a valuation of real estate located in this Commonwealth and an appraiser or firm of appraisers.
“Appraisal management services.” Conducting business by telephone, by electronic means, by mail or in person directly or indirectly for compensation or in the expectation of compensation to manage the performance of appraisals for a client, including, without limitation:
(1) Recruiting appraisers.
(2) Contracting with appraisers to perform appraisals.
(3) Negotiating fees with appraisers.
(4) Receiving appraisal orders and appraisals.
(5) Submitting appraisals received from appraisers to the client.
(6) Providing related administrative and clerical duties.
“Appraisal review.” An appraisal review as defined by the Uniform Standards of Professional Appraisal Practice issued by the Appraisal Standards Board.
“Appraiser.” An individual certified under the act of July 10, 1990 (P.L. 404, No. 98),2 known as the Real Estate Appraisers Certification Act, as a certified residential appraiser or certified general appraiser.
“Appraiser panel.” A group of appraisers that have been selected by an appraisal management company to perform appraisals for the appraisal management company.
“Board.” The State Board of Certified Real Estate Appraisers within the Bureau of Professional and Occupational Affairs in the Department of State.
“Client.” A person that contracts with or otherwise enters into an agreement with an appraisal management company for the performance of appraisal management services.
“Compliance person.” An individual who is employed, appointed or authorized by an appraisal management company to be responsible for ensuring compliance with this act.
“Exempt company.” A person that is exempted from registering under this act under section 1124 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Public Law 101-73, 103 Stat. 183).3
“Key person.” A person other than a compliance person who is a director, officer, supervisor, manager or other person performing a similar function in an appraisal management company.
“Mortgage Bankers and Brokers and Consumer Equity Protection Act.” The act of December 22, 1989 (P.L. 687, No. 90),4 known as the Mortgage Bankers and Brokers and Consumer Equity Protection Act.
“REACA.” The act of July 10, 1990 (P.L. 404, No. 98), known as the Real Estate Appraisers Certification Act.
“Registrant.” An appraisal management company that is registered under this act.
“RELRA.” The act of February 19, 1980 (P.L. 15, No. 9),5 known as the Real Estate Licensing and Registration Act.
Credits
2012, Feb. 2, P.L. 30, No. 4, § 2, effective in 180 days [July 31, 2012].
Footnotes
63 P.S. § 457.2.
63 P.S. § 457.1 et seq.
12 U.S.C.A. § 3353.
63 P.S. § 456.101 et seq.
63 P.S. § 455.101 et seq.
63 P.S. § 457.22, PA ST 63 P.S. § 457.22
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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