Mich. Admin. Code R. 339.23101

Current through Vol. 24-22, December 15, 2024

Section R. 339.23101 - Definitions

Rule 101.

(1) As used in these rules:

(a) "Board" means the Michigan board of real estate appraisers created under section 2603 of the code, MCL 339.2603.

(b) "Code" means the occupational code, 1980 PA 299, MCL 339.101 to 339.2677.

(c) "Transaction value" means either of the following:

(i) For loans or other extensions of credit, or for sales, leases, purchases, and investments, or in exchanges of real property, the market value of the real property interest involved.

(ii) For the pooling of loans or interests in real property for resale or purchase, the amount of the loan or market value of the real property calculated with respect to each loan or interest in real property.

(2) A term defined in articles 1 to 6 and 26 of the code, MCL 339.101 to 339.606 and 339.2601 to 339.2637, has the same meaning when used in these rules.

Mich. Admin. Code R. 339.23101

1996 AACS; 2002 AACS; 2003 AACS; 2004 AACS; 2006 AACS; 2007 AACS; 2010 AACS; 2013 AACS; 2014 AACS; 2021 AACS; 2023 MR 8, Eff. 4/27/2023