(1) An appraisal management company shall annually submit to the Board on March 31 a report disclosing the following information on a form prescribed by the Board;
(a) The number of independent contractor appraisals in the preceding year for which the appraisal management company performed appraisal management services in Oregon;
(b) For subject individuals, any action taken by a state to refuse to issue, deny, cancel or revoke a license, certificate or registration to act as an appraiser;
(c) For appraisal management companies, any action taken by a state to refuse to issue, deny, cancel or revoke a license, certificate or registration to act as an appraisal management company.
(2) A late fee, as established in OAR 161-510-0010, will be charged for any annual report received by the Board after March 31.
Stat. Auth.: ORS 183.355, ORS
674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12
Records and Real Estate Appraisal Activity Report Retention Requirements
(1) An appraisal management company shall maintain a detailed record of each service request that it receives, the appraiser that perform the real estate appraisal activity and a complete copy of all completed reports for each assignment. Records shall be maintained by the appraisal management company for:
(a) Not less than five years after the date of completion of the report to which the record pertains; or
(b) For a period of not less than two years after final disposition of a judicial proceeding in which testimony relating to the records are given, whichever period is longer.
(2) An appraisal management company shall maintain the following for a period of not less than five years:
(a) Documentation of each written complaint received by the appraisal management company, along with the name of the client that requested the appraisal, and the date the complaint was forwarded to the client.
(b) A copy of the written notification to the person who submitted the complaint that the complaint was forwarded to the client.
(c) Training materials and training records for each employee specified in OAR 161-540-0010 and ORS 674.245.
Stat. Auth.: ORS 183.355, 674.305
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12