§ 33-39-202 — Definitions

Wyoming § 33-39-202

• Jurisdiction: Wyoming
• Title 33: Professions and Occupations
• Ch. 39: REAL ESTATE APPRAISERS
• Art. 2: APPRAISAL MANAGEMENT COMPANY REGISTRATION AND

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(a) As used in this article:
(i) "Appraisal" or "real estate appraisal" means as
defined in W.S. 33-39-102(a)(i);
(ii) "Appraisal firm" means a corporation, limited
liability company, sole proprietorship or other entity that
performs appraisal services and is one hundred percent (100%)
owned and controlled by a person or persons certified as an
appraiser in this state;
(iii) "Appraisal management company" means, in
connection with valuing properties collateralizing loans or
mortgages incorporated in a securitization, an external third
party authorized either by a creditor of a consumer credit
transaction secured by real estate or by an underwriter of or
other principal in the secondary mortgage markets that directly
or indirectly performs appraisal management services;
(iv) "Appraisal management service" means to directly
or indirectly perform any of the following acts:
(A) Administering an appraisal panel;
(B) Recruiting, retaining or selecting an
appraiser to perform an appraisal for a third party client;
(C) Contracting with an appraiser to perform an
appraisal assignment for a third party client;
(D) Providing a completed appraisal performed by
an appraiser to one (1) or more third party clients; or
(E) Managing the process of having an appraisal
performed, including:
(I) Receiving and assigning appraisal
orders and reports;
(II) Tracking and determining the status of
orders for appraisals;
(III) Conducting quality control of a
completed appraisal before delivery of the appraisal to the
person who ordered the appraisal;
(IV) Collecting fees from creditors and
underwriters for services provided; or
(V) Compensating appraisers for services
performed.
(v) "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 an
appraisal assignment related to the appraiser's data collection,
analysis, opinions, conclusions, estimate of value or compliance
with the Uniform Standards of Professional Appraisal Practice.
"Appraisal review" does not include:
(A) A general examination for grammatical,
typographical or other similar errors; or
(B) A general examination for completeness
including regulatory or client requirements as specified in the
agreement process that do not communicate an opinion.
(vi) "Appraiser" means a person who holds a
certification as an appraiser in this state in compliance with
W.S. 33-39-101 through 33-39-130;
(vii) "Appraiser panel" means a group of independent
appraisers selected by an appraisal management company to
perform real estate appraisal services for the appraisal
management company;
(viii) "Board" means the Wyoming certified real
estate appraiser board;
(ix) "Client" means any person or entity that
contracts with, or otherwise enters into an agreement with, an
appraisal management company for the performance of appraisal
management services and real estate appraisal services;
(x) "Contact person" means:
(A) The owner of more than a ten percent (10%)
interest of, or an officer or director of a corporation,
partnership or other business entity seeking to offer appraisal
management services 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 clients
for the performance of appraisal management services and has the
authority to enter into agreements with independent appraisers
for the performance of real estate appraisal services; 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.
(xi) "In good standing" means maintaining an active
certification in this state pursuant to the Certified Real
Estate Appraiser Act, which certification is not subject to any
disciplinary or probationary restrictions;
(xii) "Real estate appraisal services" means the
practice of developing a supportable opinion or conclusion
relating to the nature, quality, value or utility of specified
interests in, or aspects of, identified real estate;
(xiii) "Uniform standards for professional appraisal
practice" means as defined in W.S. 33-39-102(a)(xvi);
(xiv) "Adverse action" means the refusal, denial,
cancellation, suspension, revocation or surrender in lieu of
revocation of a license or certificate to practice as an
appraiser.