(A)(1) No person shall do any of the following without first obtaining a license under this chapter:

Terms Used In Ohio Code 4768.02

  • Appraisal: A determination of property value.
  • appraisal: means the act or process of developing an opinion of value of real property in conformity with the uniform standards of professional appraisal practice. See Ohio Code 4768.01
  • Appraisal management company: means any person authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling, or by an underwriter o f or other principal in the secondary mortgage markets, that performs appraisal management services in connection with valuing properties collateralizing mortgage loans or valuing properties collateralizing mortgages incorporated in a securitization. See Ohio Code 4768.01
  • Appraisal management services: means to perform any of the following functions on behalf of a lender, financial institution, client, or any other person in conjunction with a consumer credit transaction that is secured by a consumer's primary dwelling:

    (1) Administer an appraiser panel;

    (2) Recruit, retain, or select appraisers;

    (3) Qualify, verify licensure or certification, and negotiate fees and service level expectations with persons who are part of an appraiser panel;

    (4) Contract with appraisers to perform appraisal assignments;

    (5) Receive an order for an appraisal from one person and deliver the order for the appraisal to an appraiser who is part of an appraiser panel for completion;

    (6) Manage the process of having an appraisal performed, including providing administrative duties, such as receiving appraisal orders and reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed;

    (7) Track and determine the status of orders for appraisals;

    ( 8) Conduct quality control of a completed appraisal prior to the delivery of the appraisal to the person that ordered the appraisal;

    (9) Provide a completed appraisal performed by an appraiser to one or more clients. See Ohio Code 4768.01

  • Appraiser: means a person licensed or certified under Chapter 4763 of the Revised Code. See Ohio Code 4768.01
  • Federally regulated appraisal management company: means an appraisal management company that is owned and controlled by an insured depository institution as defined in 12 U. See Ohio Code 4768.01
  • Person: means an individual, corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity. See Ohio Code 4768.01
  • real estate appraisal services: means a real estate appraisal or appraisal review. See Ohio Code 4768.01

(a) Directly or indirectly engage or attempt to engage in business as an appraisal management company;

(b) Directly or indirectly engage in or attempt to perform appraisal management services;

(c) Advertise or hold itself out as engaging in or conducting business as an appraisal management company.

(2) A person that violates division (A)(1) of this section may be subject to sanctions under section 4768.14 of the Revised Code.

(B) This chapter shall not apply to any of the following:

(1) An appraisal management company that is a federally regulated appraisal management company;

(2) Any person that exclusively employs appraisers on an employer and employee basis for the performance of appraisals;

(3) Any person engaged in appraisal services who, in the n ormal course of business, enters into an agreement, whether written or otherwise, with an independent appraiser for the performance of appraisal services that the hiring or contracting person is not completing for any reason, including competency, work load, schedule, or geographic location. Division (B)(3) of this section applies only to an appraiser and to that appraiser’s business entity provided that entity is engaging in real estate appraisal services, not appraisal management services;

(4) Any person engaged in appraisal services who, in the normal course of business, enters into an agreement, whether written or otherwise, with an independent contractor appraiser for the performance of appraisal services and, upon the completion of the appraisal, the report of the independent contractor appraiser performing the appraisal services is cosigned by the person who subcontracted with the independent contractor appraiser for the performance of the appraisal services. An appraisal management company shall not avoid the requirements of this division by requiring an employee of the appraisal management company, who is an appraiser, to sign the appraisal that has been completed by an appraiser that is part of the appraisal panel for the appraisal management company.

(5) Any appraiser engaged in mass appraisal services under the direction of the tax commissioner or a county auditor.

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