(1) Terms Defined by
43-39A-2. As used in this Chapter and Chapters 539-2, 539-3, 539-4, and 539-5 the
terms "analysis," "appraisal," "appraisal management company," "appraisal
management services," "appraisal report," "appraisal review," "Appraisal
Subcommittee," "appraiser," "appraiser classification," "appraiser panel,"
"board," "certified appraisal," "client," "commission," "commissioner,"
"controlling person," "evaluation assignment," "federally related transaction,"
"independent appraisal assignment," "owner," "person," "real estate," "real
estate appraisal activity," "real estate related financial transaction," "real
property," "specialized services," "state," "valuation," and "valuation
assignment" have the same definitions as provided for in O.C.G.A. Section
43-39A-2.
(2) Other Terms. As used in this Chapter and
Chapters 520-2, 520-3, 520-4, and 520-5 the term:
(a) "Applicant" means any person who has
submitted a complete Board-approved application in proper form accompanied by the
proper fee. The Board shall consider an application to be in proper form only
after the applicant has completed all of the applicable requirements for the
appraiser classification, for the appraisal management company registration, or
for an approval as set forth in O.C.G.A. Chapter 43-39A and in any Chapter of the
Board's Rules and Regulations;
(b)
"Candidate for classification" means any person who is in the process of
completing the requirements for a classification as set forth in O.C.G.A. Chapter
43-39A and in any Chapter of the Board's Rules and Regulations, but who has not
successfully completed all of them.
(c) "Credible real estate appraisal
explanation" means one worthy of belief and one in which the relevant evidence
and logic supports the appraisal assignment's intended use;
(d) "Customer" means a person who has not
entered into an agreement for an independent appraisal assignment with an
appraiser who holds a classification issued by the Board but for whom an
appraiser may perform ministerial acts related to an appraisal
assignment;
(e) "Disposition Value"
means an opinion of value that, as specified by the client, is established on an
exposure period of less than the average market exposure.
(f) "Liquidation Value" means an opinion of
value that, as specified by the client, is established on an exposure period of
significantly less than the average market exposure;
(g) "Military" means the United States armed
forces, including the National Guard;
(h) "Military Spouse" means a spouse of a
service member or transitioning service member;
(i) "Ministerial acts" means those acts that an
appraiser performs for a person and that do not require discretion or the
exercise of the appraiser's own judgment;
(j) "Reliable source" means a source of
information typically used by in the area of the assignment and reasonably relied
upon by appraisers in the ordinary course of business. The term "reliable source"
does not assure the accuracy of all data in the source;
(k) "Service Member" means an active or reserve
member of the armed forces, including the National Guard;
(l) "Statutory overnight delivery" means
delivery of a document through the United States Postal Service or through a
commercial firm that is regularly engaged in the business of document delivery or
document and package delivery in which the sender:
1. has directed that delivery be not later than
the next business day following the day on which the document is received for
delivery by the United States Postal Service or the commercial firm and
2. receives a receipt acknowledging receipt of
the document signed by addressee or an agent of the addressee; and
(m) "Transitioning Service Member"
means a member of the military on active duty status or on separation leave who
is within twenty-four months of retirement or twelve months of
separation.
