49 Pa. Code § 36.401
The following words and terms, when used in this subchapter, have the following meanings, unless the context clearly indicates otherwise:
AMC National Registry—The National registry maintained by ASC of appraisal management companies that:
(iii) Have paid the annual AMC registry fee.
AMCRA—The Appraisal Management Company Registration Act (63 P.S. § § 457.21—457.31).
AQB—The Appraiser Qualifications Board appointed by The Appraisal Foundation, which promulgates education, experience and other criteria for licensing, certification and recertification of qualified appraisers.
ASC—The Appraisal Subcommittee of the Federal Financial Institutions Examination Council.
AVM—Automated valuation model—As defined by section 1125(d) of FIRREA (12 U.S.C.A. § 3354(d)), a computerized model used by mortgage originators and secondary market issuers to determine the collateral worth of a mortgage secured by a consumer’s principal dwelling.
The Appraisal Foundation—The entity identified in section 1121(9) of FIRREA.
Appraiser panel—A network or panel of certified or licensed appraisers who are independent contractors to an appraisal management company. Appraisers on an appraisal management company appraisal panel include all of the following:
(ii) Appraisers accepted by the appraisal management company for consideration in future appraisal assignments.
Assignment—As defined by USPAP, an agreement between an appraiser and a client to provide a valuation service and the valuation service that is provided as a consequence of an agreement.
BPO—Broker price opinion—As defined by section 1126(b) of FIRREA (12 U.S.C.A. § 3355(b)), an estimate prepared by a real estate broker, agent or sales person that details the probable selling price of a particular piece of real estate property and provides a varying level of detail about the property’s condition, market and neighborhood, and information on comparable sales, but does not include an AVM.
Bureau—The Bureau of Professional and Occupational Affairs of the Department.
CHRIA—18 Pa.C.S. Chapter 91 (relating to Criminal History Record Information Act).
Comparative market analysis—As defined in section 201 of RELRA (63 P.S. § 455.201), a written analysis, opinion or conclusion by a contracted buyer’s agent, transactional licensee, or an actual or potential seller’s agent relating to the probable sale price of a specified piece of real estate in an identified real estate market at a specified time, offered either for the purpose of determining the asking/offering price for the property by a specific actual or potential consumer, or for the purpose of securing a listing agreement with a seller.
Compliance person—An individual who is employed, appointed or authorized by an appraisal management company to be responsible for ensuring compliance with AMCRA and this subchapter.
Conviction—
(ii) The term does not include an adjudication of delinquency under 42 Pa.C.S. Chapter 63 (relating to Juvenile Act).
Department—The Department of State of the Commonwealth.
Evaluation—A valuation required by regulations of Federal financial institution regulatory agencies for transactions that qualify for an exemption from the appraisal requirement under any one of the following provisions:
(v) The National Credit Union Administration in 12 CFR 722.3(a)(1) or (5) (relating to appraisals required; transactions requiring a State certified or licensed appraiser).
Exempt company
(ii) This term is synonymous with “Federally regulated AMC” as defined in 12 CFR 34.211(k) (relating to definitions).
FIRREA—
(ii) Unless expressly stated or clearly implicit from the context, a reference to FIRREA in this subchapter includes only those provisions that relate to appraisal standards or appraisal management services.
Federally-related transaction—A real estate-related financial transaction which a Federal financial institution regulatory agency or the Resolution Trust Corporation engages in, contracts for or regulates which requires the services of an appraiser.
In good standing
(iii) The term does not include an individual who holds a certificate or license that is inactive or expired, or that is suspended or revoked.
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—63 P.S. § § 456.101—456.3101.
NRSRO—A designated Nationally-recognized statistical rating organization of the United States Securities and Exchange Commission or its successor.
Non-Federally related transaction—A real estate-related transaction that is not a Federally-related transaction.
Order—When used in the context of the contractual relationship between an appraiser and an appraisal management company, an agreement between an appraiser and an appraisal management company that pertains to a specified valuation assignment, including a disclosure of the amount of the appraisal fee, the terms and time frame for payment, and the appraisal management company registration number.
Order solicitation—An offer to contract with an appraiser to perform an appraisal resulting in an order.
Owner—A person that owns, in whole or in part, directly or indirectly, an appraisal management company.
Panel solicitation—An offer to add an appraiser to the appraiser panel used by an appraisal management company.
REACA—The Real Estate Appraisers Certification Act (63 P.S. § § 457.1—457.19).
REARA—Real Estate Appraisal Reform Amendments—
(ii) Unless expressly stated or clearly implicit from the context, a reference to REARA in this subchapter includes only those provisions that relate to appraisal standards or appraisal management services.
RELRA—The Real Estate Licensing and Registration Act (63 P.S. § § 455.101—455.902).
Real estate-related financial transaction—A transaction involving one or more of the following:
(iii) Use of real property or interests in property as security for a loan or investment, including mortgage-backed securities.
Registrant—An appraisal management company that is registered under AMCRA.
Solicit or solicitation—An offer to contract with an appraiser to perform an appraisal or an offer to an appraiser to be included in an appraisal management company’s appraiser panel.
Supervisor—An individual who is an agent of an appraisal management company and who has the authority to do one or more of the following:
(iii) Direct or cause the direction of the management or policies of the appraisal management company.
TILA—
(ii) Unless expressly stated or clearly implicit from the context, a reference to TILA in this subchapter includes only those provisions that relate to appraisal standards or appraisal management services.
USPAP—The term as defined in § 36.1 (relating to definitions).
The provisions of this § 36.401 amended under section 4(a) of the Appraisal Management Company Registration Act (63 P.S. § 457.24(a)).
The provisions of this § 36.401 amended October 30, 2020, effective October 31, 2020, 50 Pa.B. 5992. Immediately preceding text appears at serial pages (389194) to (389197).