As used in this subpart:

1. (1) “AMC” means appraisal management company;

2. (2) “Assignment” means:

   1. (A) An agreement between an appraiser and a client to perform a valuation service; and
   2. (B) The valuation service that is provided as a consequence of such an agreement;
3. (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 the Appraisal Management Company Registration Act, Arkansas Code § 17-14-401 et seq.;
4. (4) “Business name” means an assumed name or the name of a business entity such as a corporation, partnership, limited liability company, or other business entity recognized by law;
5. (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. (6) “Owner” means an individual owning more than ten percent (10%) of an appraisal management company;
7. (7) “Registrant” means an appraisal management company or person that is registered under this subpart;

8. (8) “Subject individual” means:

   1. (A) A person designated as the controlling person or managing principal as defined in Arkansas Code § 17-14-402(11);
   2. (B) An individual with an ownership interest of ten percent (10%) or more of an appraisal management company; or

   3. (C) In cases where ownership interest of ten percent (10%) or more of the appraisal management company is held by an entity other than an individual:

      1. (i) Who wholly owns a corporation that owns ten percent (10%) or more of an appraisal management company;
      2. (ii) Wholly owning and serving as the only general partner in a limited partnership that owns ten percent (10%) or more of an appraisal management company;
      3. (iii) Wholly owning and managing a limited liability company that owns ten percent (10%) or more of an appraisal management company; or
      4. (iv) An individual who wholly owns any other type of business entity that owns ten percent (10%) or more of an appraisal management company; and
9. (9) “System” means an organized or established procedure or method.