R162-2e-102. Definitions

  (1) "Affiliation" means a business association:

  (a) between:

  (i) two individuals registered, licensed, or certified under Section 61-2g; or

  (ii) an individual registered, licensed, or certified under Section 61-2g and:

  (A) an appraisal entity; or

  (B) a government agency;

  (b) for the purpose of providing an appraisal service; and

  (c) regardless of whether an employment relationship exists between the parties.

  (2) The acronym "AMC" stands for appraisal management company.

  (3) "Business day" means a day other than:

  (a) a Saturday;

  (b) a Sunday; or

  (c) a state or federal holiday.

  (4) "Client" is defined in Section 61-2e-102(10).

  (5) "Competency statement" means a statement provided by the AMC to the appraiser that, at a minimum, requires the appraiser to attest that the appraiser:

  (a) is competent according to USPAP standards;

  (b) recognizes and agrees to comply with:

  (i) laws and regulations that apply to the appraiser and to the assignment;

  (ii) assignment conditions; and

  (iii) the scope of work outlined by the client; and

  (c) has access, either independently or through an affiliation pursuant to Subsection (1), to the records necessary to complete a credible appraisal, including:

  (i) multiple listing service data; and

  (ii) county records.

  (6)(a) "Employee" means an individual:

  (i) whose manner and means of work performance are subject to the right of control of, or are controlled by, another person; and

  (ii) whose compensation for federal income tax purposes is reported, or is required to be reported, on a W-2 form issued by the controlling person.

  (b) "Employee" does not include an independent contractor who performs duties other than at the discretion of, and subject to the supervision and instruction of, another person.

  (c) For purposes of applying Subsection R162-2e-401(1)(g), an appraiser who completes an assignment is considered to be an employee of the AMC that offers the assignment if:

  (i) this subsection (a) describes the employment relationship between the appraiser and the AMC; or

  (ii) pursuant to this subsection (a), the appraiser is an employee of a company:

  (A) that is wholly owned by the AMC; or

  (B) in which the AMC owns a controlling interest.

  (7) "Select" means:

  (a) for purposes of composing the AMC appraiser panel, to review and evaluate the qualifications of an appraiser who applies to be included on the AMC's appraiser panel; and

  (b) for purposes of assigning an appraisal activity to an appraiser:

  (i) to choose from the AMC's appraiser panel an individual appraiser or appraisal entity to complete an assignment; or

  (ii) to compile, from among the appraisers included in the AMC's appraiser panel, an electronic distribution list of appraisers to whom an assignment will be offered through e-mail.

  (8) The acronym "USPAP" stands for Uniform Standards of Professional Appraisal Practice.