{"data":{"id":"us-ky/krs-324a.150","jurisdiction":"us-ky","citation":"KRS 324A.150","heading":"Definitions for KRS 324A.150 to 324A.164.","body":"As used in KRS 324A.150 to 324A.164, unless the context otherwise requires:\n(1) \"Appraisal management company\" means a person who performs the actions\nnecessary to administer a network of state -licensed appraisers to fulfill requests for\nappraisal management services on behalf of a client, whether directly or through the\nuse of software products or online, including but not limited to any of the following\nactions:\n(a) Recruiting appraisers;\n(b) Contracting with appraisers to perform appraisal services;\n(c) Collecting fees from clients;\n(d) Negotiating fees with appraisers or reimbursing appraisers for appraisal\nservices;\n(e) Receiving appraisal orders and appraisal reports;\n(f) Submitting appraisal reports received from appraisers to the company's\nclients;\n(g) Reviewing or verifying appraisal reports; or\n(h) Managing the process of having an appraisal performed, including providing\nrelated administrative and clerical duties;\n(2) \"Appraisal management services\" means conducting business by telephone, by\nelectronic means, by mail, or in person, directly or indirectly for compensation or\nother pecuniary gain or in the expectation of compensation or other pecuniary gain\nto:\n(a) Solicit, accept, or offer to accept a request for appraisal services; or\n(b) Employ or contract with a licensed or certified appraiser to perform appraisal\nservices;\n(3) \"Appraisal services\" means the practice of developing an opinion of the value of\nreal property in conformity with the minimum USPAP standards;\n(4) \"Appraiser\" means an individual licensed by the board who develops and\ncommunicates a real property appraisal or otherwise gives an opinion of the value\nof real property or any interest in real propert y in conformity with the minimum\nUSPAP standards;\n(5) \"Appraiser panel\" means a network, list, or roster of licensed or certified appraisers\napproved by an appraisal management company to perform appraisals as\nindependent contractors for the appraisal management company;\n(6) \"Board\" means the Kentucky Real Property Appraisers Board established by KRS\n324A.015;\n(7) \"Client\" means a person that contracts with or otherwise enters into an agreement\nwith an appraisal management company for the performance of appraisal services;\n(8) \"Controlling person\" means an individual employed, appointed, or authorized by an\nappraisal management company to contract with clients or independent appraisers\nfor the performance of appraisal services;\n(9) \"Managing principal\" has the same meaning as \"controlling person\";\n(10) \"Registrant\" means an appraisal management company or person that is registered\nor seeking registration under KRS 324A.152; and\n(11) \"Uniform Standards of Professional Appraisal Practice\" or \"USPAP\" has the sam e\nmeaning as in KRS 324A.010.","path":["KRS Chapter 324A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=58043","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:20Z","sha256":"65ec156b4eda0f0329e71737933cc28fa5e5a45b362ace608d5c8df6b03dea98","source_id":"us-ky","stale":false,"prev":"us-ky/krs-324a.100","next":"us-ky/krs-324a.152"},"notice":"GroundRules: Original legal text. Not legal advice."}