In this chapter, (1) 'analysis assignment' means an analysis, opinion, or conclusion prepared by a real estate appraiser that relates to the nature, quality, or utility of certified real estate or real property; (2) 'appraisal' means an analysis, opinion, or conclusion prepared by a real estate appraiser relating to the nature, quality, value, energy efficiency, or utility of specified interests in, or aspects of, identified real estate, and includes a valuation appraisal, an analysis assignment, and a review assignment; (3) 'appraisal assignment' means an engagement for which an appraiser is employed or retained to act, or would be perceived by third parties or the public as acting, as a disinterested person rendering an unbiased analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate; (4) 'appraisal management services' includes the performance of any of the following functions on behalf of a lender, financial institution, or other person: (A) administration of an appraiser panel; (B) recruitment, retention, or selection of real estate appraisers for the performance of appraisal half of a lender, financial institution, or other person: (A) administration of an appraiser panel; (B) recruitment, retention, or selection of real estate appraisers for the performance of appraisal services; (C) contracting with real estate appraisers to perform appraisals; (D) review of a completed appraisal before the delivery of the appraisal or review assignment to the person that ordered the appraisal; (5) 'appraiser panel' means a group of licensed or certified real estate appraisers who perform appraisals as independent contractors for a real estate appraisal management company; (6) 'appraisal report' means any communication, written or oral, of an appraisal; (7) 'board' means the Board of Certified Real Estate Appraisers; (8) 'borrower' means a person who applies for a mortgage loan; (9) 'company' means a real estate appraisal management company required to register under AS 08.87.130 that performs appraisal management services; (10) 'controlling person' means a person who (A) owns more than 10 percent of a real estate appraisal management company; (B) is an officer or director of a real estate appraisal management company; (C) is employed and authorized by a real estate ) owns more than 10 percent of a real estate appraisal management company; (B) is an officer or director of a real estate appraisal management company; (C) is employed and authorized by a real estate appraisal management company to enter into a contractual relationship with another person for the performance of appraisal management services or with a real estate appraiser to perform an appraisal; or (D) has the authority to direct the management or policies of a real estate appraisal management company; (11) 'department' means the Department of Commerce, Community, and Economic Development; (12) 'general real estate appraiser' means a real estate appraiser certified to appraise all types of real property; (13) 'institutional real estate appraiser' means a real estate appraiser employed full-time by a financial institution with offices in the state; (14) 'principal dwelling' means a residential structure or mobile home that contains one to four units but does not include a vacation or second home unless the borrower buys or builds a new dwelling that will become the primary location that the borrower inhabits within a year after the purchase or completion of construction; (15) or second home unless the borrower buys or builds a new dwelling that will become the primary location that the borrower inhabits within a year after the purchase or completion of construction; (15) 'real estate' means an identified parcel or tract of land, including improvements, but excluding subsurface natural resource values; (16) 'real property' means one or more defined interests, benefits, and rights inherent in the ownership of real estate; (17) 'residential real estate appraiser' means a real estate appraiser certified to appraise residential real property, subject to the limitations of AS 08.87.100(2); (18) 'review assignment' means an analysis, opinion, or conclusion prepared by a real estate appraiser that forms an opinion as to the adequacy and appropriateness of a valuation appraisal or an analysis assignment; (19) 'valuation appraisal' means an analysis, opinion, or conclusion prepared by a real estate appraiser that estimates the value of an identified parcel of real estate, or identified real property at a particular time.
Alaska Legal Code