West Virginia Code of State Rules
Agency 190 - Real Estate Appraiser Licensing And Certification Board
Title 190 - LEGISLATIVE RULE WEST VIRGINIA REAL ESTATE APPRAISER LICENSING AND CERTIFICATION BOARD
Series 190-05 - Requirements for Registration and Renewal of Appraisal Management Companies
Section 190-5-2 - Definitions
Current through Register Vol. XLI, No. 38, September 20, 2024
As used in this rule, the words or terms have the same meaning as the definitions provided in W.Va. Code § 30-38A-1.
2.1. Broker price opinion" or "BPO" means an estimate prepared by a real estate broker, agent or sales person that details the probable selling price of 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 Automated Value Models (AVM), as defined by section 1126(b) of FIRREA ( (12 U.S.C.A. § 3355(b)) .
2.2. "Completed appraisal" means delivery of the signed appraisal report that is in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) to the appraisal management company.
2.3. "National Registry" means a database, maintained by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, containing selected information about the Nation's State certified and licensed real estate appraisers.
2.4. "Truth in Lending Act" or "TILA" means the Truth in Lending Act of 1968 (15 U.S.C. 1631 et seq.) and any amendments thereto. It is an act to safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit; by restricting the garnishment of wages; and by creating the National Commission of Consumer Finance to study and make recommendations on the need for further regulation of the consumer finance industry; and for other purposes.
