§ 3311. Definitions

As used in this chapter:

(1) "Act" means the Federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Pub. L. No. 101-73, as amended.

(2) "Appraisal" means an analysis, opinion, or conclusion relating to the value of specified interests in or aspects of identified real estate or identified real property.

(3) "Appraisal management company" means an entity that acts as a broker in acquiring finished appraisals from real estate appraisers licensed under this chapter and that supplies the appraisals to third parties.

(4) "Appraiser" or "real estate appraiser" means a person licensed under this chapter.

(5) "AQB" means the Appraisal Qualifications Board of the Appraisal Foundation as referenced in the Act. Under the provisions of the Act, the AQB establishes the minimum education, experience, and examination requirements for real property appraisers to obtain a state license or certification.

(6) "ASC" means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council created pursuant to the Act. The ASC oversees the real estate appraisal process as it relates to federally related transactions as defined in the Act.

(7) "Director" means the Director of the Office of Professional Regulation.

(8)(A) "Disciplinary action" means any action by any regulatory or certifying authority against a licensed real estate appraiser or applicant premised upon a finding that the person has engaged in unprofessional conduct.

(B)(i) The term includes all sanctions of any kind, including obtaining injunctions, refusing to grant or renew a license, suspending, revoking, or restricting a license, and issuing warnings.

(ii) The term does not include monetary civil penalties imposed by a hearing officer in relation to an express finding under 3 V.S.A. § 129(a)(3) that the subject matter does not constitute unprofessional conduct.

(9) "Office" means the Office of Professional Regulation. (Added 1989, No. 264 (Adj. Sess.), § 1; amended 1993, No. 217 (Adj. Sess.), § 1; 2009, No. 103 (Adj. Sess.), § 40; 2013, No. 27, § 37; 2019, No. 30, § 21.)