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24.207.406    DEFINITIONS

(1) "AQB" means the Appraiser Qualifications Board of the Appraisal Foundation as provided for under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). 

(2) "AQB criteria" means minimum education, experience, and examination requirements to obtain and the continuing education requirements to maintain a license or certification as an appraiser, supervisory appraiser, or trainee appraiser. The AQB publishes these requirements in The Real Property Appraiser Qualification Criteria, which is adopted and incorporated by reference at ARM 24.207.203.

(3) "Complete" means a determination by licensing staff that the application form is legible and filled out entirely, the fee and accompanying documentation or further requested information has been received, and the qualifications component has been met.

(a) The qualifications component will include a completed appraisal review prepared by an individual designated by the board, unless the applicant is qualified for a license by reciprocity or is applying for a mentor endorsement, temporary practice permit, or trainee license.

(4) "Engagement" means each separate instance in which a licensed or certified appraiser in Montana is engaged to perform an appraisal assignment in Montana, regardless of the scope of the work.

(5) "USPAP" means the Uniform Standards of Professional Appraisal Practice, promulgated by the Appraisal Standards Board of the Appraisal Foundation.


History: 37-1-131, 37-54-105, MCA; IMP, 37-1-131, 37-1-304, 37-54-202, 37-54-302, 37-54-403, MCA; NEW, 2011 MAR p. 2401, Eff. 11/11/11; AMD, 2014 MAR p. 3064, Eff. 12/25/14; AMD, 2016 MAR p. 217, Eff. 2/6/16; AMD, 2019 MAR p. 53, Eff. 1/12/19.

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