36-21B-2. Definitions.

Terms used in this chapter mean:

(1)    "Appraisal," the act or process of developing an opinion of value of real estate for another and for compensation;

(2)    "Appraisal practice," any valuation service, including appraisal, appraisal review, or appraisal consulting, performed by a person acting as an appraiser;

(3)    "Evaluation," a valuation of real estate prepared for a federally insured depository institution for a transaction that, pursuant to regulations promulgated by one or more federal financial institution regulatory agency, qualifies for the appraisal threshold exemption, business loan exemption, or subsequent transaction exemption; and

(4)    "Federal financial institution regulatory agency," the Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, or Board of Governors of the Federal Reserve System.

Source: SL 1995, ch 223, § 2; SL 2013, ch 180, § 2; SL 2020, ch 164, § 1.