California Business and Professions Code § 11302

For the purpose of applying this part, the following terms, unless otherwise expressly indicated, shall mean and have the following definitions: (a) “Affiliate” means any entity that controls, is controlled by, or is under common control with another entity. (b) “Appraisal” means the act or process of developing an opinion of value for real property. The term “appraisal” does not include an opinion given by a real estate licensee or engineer or land surveyor in the ordinary course of the person’s business in connection with a function for which a license is required under Chapter 7 (commencing with Section 6700) or Chapter 15 (commencing with Section 8700) of Division 3, or Chapter 3 (commencing with Section 10130) or Chapter 7 (commencing with Section 10500) of Part 1 and the opinion shall not be referred to as an appraisal. This part does not apply to a probate referee acting pursuant to Sections 400 to 408, inclusive, of the Probate Code unless the appraised transaction is federally related. (c) “Appraisal Foundation” means the Appraisal Foundation that was incorporated as an Illinois not-for-profit corporation on November 30, 1987. (d) (1) “Appraisal management company” means any person or entity that satisfies all of the following conditions: (A) Provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates. (B) Provides those services in connection with valuing a consumer’s principal dwelling as security for a consumer credit transaction or incorporating those transactions into securitizations. (C) Within a given 12 calendar month period oversees an appraiser panel of more than 15 state-certified or state-licensed appraisers in a state or 25 or more state-certified or state-licensed appraisers in two or more states, as described in Section 11345.5. (2) An appraisal management company does not include a department or division of an entity that provides appraisal management services only to that entity. (3) An appraisal management company that is a subsidiary of an insured depository institution and regulated by a federal financial institution is not required to register with the bureau. (e) “Appraisal management services” means one or more of the following: (1) Recruiting, selecting, and retaining appraisers. (2) Contracting with state-certified or state-licensed appraisers to perform appraisal assignments. (3) Managing the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and secondary market participants, collecting fees from creditors and secondary market participants for services provided, and paying appraisers for services performed. (4) Reviewing and verifying the work of appraisers. (f) “Appraiser panel” means a network, list, or roster of licensed or certified appraisers approved by an appraisal management company to perform appraisals as independent contractors for the appraisal management company. Appraisers on an appraisal management company’s “appraiser panel” under this part include both appraisers accepted by the appraisal management company for consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions, and appraisers engaged by the appraisal management company to perform one or more appraisals in covered transactions or for secondary mortgage market participants in connection with covered transactions. An appraiser is an independent contractor for purposes of this part if the appraiser is treated as an independent contractor by the appraisal management company for purposes of federal income taxation. (g) “Appraisal Subcommittee” means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. (h) “Bureau” means the Bureau of Real Estate Ap

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