458.31 Definitions. In this subchapter:

(1) “Appraisal management company” has the meaning given in 12 CFR 34.211 (c).

(2) “Appraisal management services” has the meaning given in 12 CFR 34.211 (d).

(3)

(a) Except as provided in par. (b), “appraisal review" means the process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment or appraisal review assignment related to the appraiser's data collection, analysis, opinions, conclusions, estimate of value, or compliance with the Uniform Standards of Professional Appraisal Practice described in s. 458.24.

(b) “Appraisal review" does not include any of the following:

1. A general examination for grammatical, typographical, mathematical, or other similar errors.

2. A general examination for completeness, including regulatory or client requirements as specified in the agreement process, that does not communicate an opinion of value.

(4) “Appraiser panel” has the meaning given in 12 CFR 34.211 (e).

(5) “Client" means a person that contracts with an appraisal management company for the performance of appraisal management services for the person.

(6) “Controlling individual" means any of the following:

(a) An owner, officer, or director of an appraisal management company.

(b) An individual who is authorized by an appraisal management company to do all of the following:

1. Contract with a client.

2. Contract with an independent appraiser to perform an appraisal service.

(c) An individual who has, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company.

(7) “Federally regulated appraisal management company" has the meaning given in 12 CFR 34.211 (k).

(8) “Independent appraiser" means an appraiser who performs an appraisal service on an independent contractor basis.

(9) “Licensed appraisal management company" means an appraisal management company licensed under s. 458.33.

(10) “Person" has the meaning given in 12 CFR 34.211 (m).

History: 2017 a. 113.