For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
APPLICATION FOR STANDARD APPRAISAL FEE. The fee established from time to time by the Community Relations Commission for a standard appraisal on a residence which becomes the application fee under the Program.
BONA FIDE OFFER. An offer made in good faith and for a valuable consideration to purchase a qualified residence.
CERTIFICATE OF PARTICIPATION. The duly notarized document of membership in the Program, signed by the qualified applicant and by an authorized representative of the Community Relations Commission, which specifies the location and description of the guaranteed residence, its guaranteed value and the registration date, and which has attached to it a Program appraisal for the guaranteed residence.
ELIGIBLE APPLICANT. A natural person who is the owner of a qualified residence within the city and who continuously occupies the qualified residence as a principal place of residence.
FAMILY MEMBERS. Spouse, children, parents, parents of spouse, brothers and sisters.
GROSS SELLING VALUE. The total consideration to be paid for the purchase of a guaranteed residence, which shall include any amount that the buyer or prospective buyer agrees to assume on behalf of a member, including broker commissions, points, legal fees, personal financing or other items of value involved in the sale.
GUARANTEE FUND. The funds collected under the provisions of this chapter for the purpose of guaranteeing the property values of members within the city.
GUARANTEED APPRAISED VALUATION. The dollar appraisal on the insured residence as determined by the certified appraiser on the appraised valuation date.
GUARANTEED RESIDENCE. The residence owned and used continuously as the place of residence by the member and described in the certification of participation and entitled to coverage under this chapter.
GUARANTEED VALUE. The appraised valuation based upon a standard of current fair market value as of the registration date on the qualified residence as determined by a Program appraiser pursuant to accepted professional appraisal standards and which is authorized by the Community Relations Commission for the registration date. The guaranteed value shall be used solely by the Commission for the purpose of administering the Program and shall remain confidential.
MEMBER. A person who owns and occupies a residence in the city and has applied for and been accepted as a member of the Program, as indicated by a certificate of participation. Family members who reside in the insured residence at least one year prior to the death or incapacity of a member by a certificate of participation shall also be deemed MEMBERS.
OWNER. The titleholder or beneficiary of the trust.
PHYSICAL PERILS. Physical occurrences, such as but not limited to fire, windstorm, hail, water damage, nuclear explosion or seepage, war, insurrection, water damage, wear and tear, cracking, settling, vermin, rodents, vandalism and the like, and all related occurrences or acts of God.
PROGRAM. The guaranteed Home Equity Assurance Program governed by the Community Relations Commission.
PROGRAM APPRAISAL. A real estate appraisal conducted by a Program appraiser for the purpose of establishing the guaranteed value of a qualified residence under the Program and providing a general description of the qualified residence. The Program appraisal shall be used solely by the Community Relations Commission for the purpose of administering the Program and shall remain confidential.
PROGRAM APPRAISER. One of the members of a panel of state certified appraisers approved by the Community Relations Commission for determining appraised valuations under the provisions of this chapter.
PROGRAM GUIDELINES. Those policies, rules, regulations and bylaws established from time to time by the Community Relations Commission to explain, clarify or modify the Program in order to fulfill its goals and objectives.
QUALIFIED RESIDENCE. A building:
(1) Located in the city and having at least one but not more than three dwelling units;
(2) Classified by county ordinance as residential and assessed for property tax purposes; and
(3) With at least one dwelling unit continuously occupied as the principal legal residence of a member.
REGISTRATION DATE. The date of receipt by the Community Relations Commission of the registration fee and a completed application of a qualified applicant for participation in the Program.
REGISTRATION FEE. The fee which is established by the Community Relations Commission to defray the cost of a Program appraisal on a qualified residence.
VALUATION AT SALE DATE. The dollar value of the insured residence stated in the consummated sales contract for the insured residence between the member and the prospective buyer.
(Ord. 96-37, passed 10-8-1996)