Ohio Code 4768.12 – Compensation of appraisers
(A) An appraisal management company licensed under this chapter shall compensate an appraiser for the completion of an appraisal within sixty days of the date on which the appraiser transmits or otherwise provides the completed appraisal to the appraisal management company or its assignees, except in cases of breach of contract or substandard performance of services.
Terms Used In Ohio Code 4768.12
- 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
- Appraiser: means a person licensed or certified under Chapter 4763 of the Revised Code. See Ohio Code 4768.01
- Contract: A legal written agreement that becomes binding when signed.
(B)(1) An appraisal management company licensed under this chapter shall compensate each appraiser who performs appraisal services for the appraisal management company in accordance with the appraisal independence standards established under section 129e of the “Truth in Lending Act,” 82 Stat. 146, 15 U.S.C. § 1639e.
(2) In the case of an appraisal involving a complex assignment, the customary and reasonable fee may reflect the increased time, difficulty, and scope of the work required for the appraisal, and may include an amount over and above the customary and reasonable fee for noncomplex assignments.