76-3202. Terms, defined.

For purposes of the Nebraska Appraisal Management Company Registration Act:

(1) Appraisal has the same meaning as in section 76-2204;

(2) Appraisal Foundation has the same meaning as in section 76-2205;

(3) Appraisal management company means, in connection with valuing real property collateralizing mortgage loans, mortgages, or trust deeds incorporated into a securitization, any external third party that oversees a network or panel of more than fifteen certified or licensed appraisers in this state or twenty-five or more certified or licensed appraisers nationally within a given year and that is authorized, either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets:

(a) To recruit, select, and retain appraisers;

(b) To contract with certified or licensed appraisers to perform real property appraisal activity;

(c) To manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and reports, submitting completed reports to creditors and underwriters, collecting fees from creditors and underwriters for appraisal services provided, and reimbursing appraisers for appraisal services performed; or

(d) To review and verify the work of appraisers;

(4) Appraisal practice has the same meaning as in section 76-2205.01;

(5) Appraisal review means the act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of a real property appraisal activity, except that a quality control examination of a report shall not be an appraisal review;

(6) Appraisal services means residential valuation assignments performed by an individual acting as an appraiser, including, but not limited to, appraisal or appraisal review;

(7) Appraiser means an individual who holds a license or certification as an appraiser and is expected to perform valuation assignments competently and in a manner that is independent, impartial, and objective;

(8) Appraiser panel means a group of licensed or certified independent appraisers that have been selected to perform appraisal services for a third party;

(9) Board means the Real Property Appraiser Board;

(10) Controlling person means:

(a) An officer or director of, or owner of greater than a ten percent interest in, a corporation, partnership, or other business entity seeking to act or acting as an appraisal management company in this state;

(b) An individual employed, appointed, or authorized by an appraisal management company that has the authority to enter into a contractual relationship with other persons for the performance of services requiring registration as an appraisal management company and that has the authority to enter into agreements with appraisers for the performance of appraisals; or

(c) An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company;

(11) Federal financial institution regulatory agency means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, or the successor of any of such agencies;

(12) Federally related transaction means any real estate-related financial transaction which:

(a) A federal financial institution regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and

(b) Requires the services of an appraiser;

(13) Owned and controlled means direct or indirect ownership or control of more than twenty-five percent of the voting shares of an appraisal management company;

(14) Person means an individual, firm, partnership, limited partnership, limited liability company, association, corporation, or other group engaged in joint business activities, however organized;

(15) Quality control examination means an examination of a report for compliance and completeness, including grammatical, typographical, or other similar errors;

(16) Real estate has the same meaning as in section 76-2214;

(17) Real estate-related financial transaction means any transaction involving:

(a) The sale, lease, purchase, investment in, or exchange of real property, including interests in real property or the financing thereof;

(b) The refinancing of real property or interests in real property; or

(c) The use of real property or interests in real property as security for a loan or investment, including mortgage-backed securities;

(18) Real property has the same meaning as in section 76-2214.01;

(19) Real property appraisal activity has the same meaning as in section 76-2215;

(20) Relocation management company means a business entity in which the preponderance of its business services include relocation of employees as an agent or contracted service provider to the employer for the purposes of determining an anticipated sales price for the residence of an employee being relocated by the employer;

(21) Report has the same meaning as in section 76-2216.02;

(22) Uniform Standards of Professional Appraisal Practice has the same meaning as in section 76-2218.02; and

(23) Valuation assignment has the same meaning as in section 76-2219.

Source:Laws 2011, LB410, § 2; Laws 2015, LB139, § 72.