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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.

(2) "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 temporary practice permit or trainee license.

(3) "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.

(4) "Nonroutine Reciprocal Applicant" means an applicant holding a license in another state in which the licensing requirements in the domicile state are not equal to or greater than the licensing requirements in Montana; the license is not in good standing; or there is a reason to deny the license under the laws of Montana governing the real estate appraisers profession or occupation.

(5) "USPAP" means the Uniform Standards of Professional Appraisal Practice.

History: 37-1-131, 37-54-105, MCA; IMP, 37-1-131, 37-1-304, 37-54-202, 37-54-302, 37-54-403, 37-54-501, 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.

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