Commerce, Real Estate

Section R162-101-2

Definitions

Notice of Proposed Rule

(Amendment)

DAR File No.: 33906
Filed: 08/10/2010 02:34:58 PM

RULE ANALYSIS

Purpose of the rule or reason for the change:

New definitions are proposed to facilitate rules by which individuals are required to report an affiliation to the division, and to comply with deadlines.

Summary of the rule or change:

Definitions are proposed for the terms "affiliation," "day," "entity," and "person."

State statutory or constitutional authorization for this rule:

• Sections 61-2b-20 to 61-2b-31

Anticipated cost or savings to:

the state budget:

The proposed definitions create no new programs that must be overseen or enforced by the state. No impact to the state budget is anticipated.

local governments:

Local governments are not required to comply with or enforce the appraisal rules. The proposed definitions will have no fiscal impact to local governments.

small businesses:

Small businesses are not required to comply with the appraiser rules, which affect individuals only. The proposed definitions will have no fiscal impact to small businesses.

persons other than small businesses, businesses, or local governmental entities:

The proposed definitions help to facilitate amendments to other sections of the appraisal rules. One of those amendments creates a new duty under which appraisers are required to submit a change form to the division when they change an affiliation, as that term is defined. The submission of a change form requires a fee, and that burden is discussed in the rule analysis for Rules R162-102 and R162-110. (DAR NOTE: The proposed amendment to Rule R162-102 is under DAR No. 33908 and the proposed amendment to Rule R162-110 is under DAR No. 33909 is this issue, September 1, 2010, of the Bulletin.)

Compliance costs for affected persons:

The proposed definitions alone do not require compliance. They help to facilitate other rules, and the compliance costs are discussed in the analysis of those rules.

Comments by the department head on the fiscal impact the rule may have on businesses:

No fiscal impact to businesses is anticipated from this filing, which provides clarifying definition for other sections and makes other technical changes.

Francine A. Giani, Executive Director

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Commerce
Real Estate
160 E 300 S
SALT LAKE CITY, UT 84111-2316

Direct questions regarding this rule to:

• Jennie Jonsson at the above address, by phone at 801-530-6706, by FAX at 801-526-4387, or by Internet E-mail at [email protected]

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

10/01/2010

This rule may become effective on:

10/08/2010

Authorized by:

Deanna Sabey, Director

R162. Commerce, Real Estate.

R162-101. Authority and Definitions.

R162-101-2. Definitions.

101.2.1 "Affiliation" means an ongoing business association

(a) between:

(i) two individuals registered, licensed, or certified under Section 61-2b; or

(ii) an individual registered, licensed, or certified under Section 61-2b and:

(A) an appraisal entity; or

(B) a government agency;

(b) for the purpose of providing an appraisal service; and

(c) regardless of whether an employment relationship exists between the parties.

[101.2.1]101.2.2 The acronym "AQB "[:] stands for the Appraiser Qualifications Board of The Appraisal Foundation.

[101.2.2]101.2.3 "Board "[:] means the Utah Real Estate Appraiser Licensing and Certification Board.

101.2.4 "Business day" means a day other than:

(a) a Saturday;

(b) a Sunday; or

(c) a federal or state holiday.

[101.2.3]101.2.5 "Classification "[:] means the type of license or certification held by an appraiser.

101.2.6 "Day" means calendar day unless specified as "business day."

[101.2.4]101.2.7 "Division "[:] means the Division of Real Estate of the Department of Commerce.

101.2.8 "Entity" means:

(a) a corporation;

(b) a partnership;

(c) a sole proprietorship;

(d) a limited liability company;

(e) another business entity; or

(f) a subsidiary or unit of an entity described in Subsections (a) through (e).

101.2.9 "Person" means an individual or an entity.

[101.2.5]101.2.10 "Reinstatement "[:] means renewing a license or certification for an additional period after its expiration date has passed but prior to 12 months after the expiration date.

[101.2.6]101.2.11 "Renewal "[:] means extending a license or certification for an additional period upon its expiration.

[101.2.7]101.2.12 "Trainee "[:] means a person who is working under the direct supervision of a State-certified residential appraiser or a State-certified general appraiser to earn hours for licensure, and who meets the requirements of R162-110.

[101.2.8]101.2.13 The acronym "USPAP "[:] stands for The Uniform Standards of Professional Appraisal Practice published by The Appraisal Foundation.

 

KEY: real estate appraisals, definitions

Date of Enactment or Last Substantive Amendment: [January 27], 2010

Notice of Continuation: April 18, 2007

Authorizing, and Implemented or Interpreted Law: 61-2b-20 to 61-2b-31