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The Oregon Administrative Rules contain OARs filed through June 15, 2014
 
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APPRAISER CERTIFICATION AND LICENSURE BOARD

 

DIVISION 560

AUDITS

161-560-0010

Audits Required

(1) An audit of an appraisal management company registered to provide appraisal management services in Oregon may be conducted by the Board.

(2) In the case of a subsidiary or affiliate of a financial institution engaging in business as an appraisal management company without obtaining a registration to provide appraisal management services in Oregon, the Board may conduct an audit of the appraisal management company in a joint or alternating manner with the appropriate federal banking agency or the Bureau of Consumer Financial Protection as permitted or required by applicable law.

(3) The Board may audit an appraisal management company at any time or times and may require the production of such records at the office of the Board as often as is necessary.

(4) An appraisal management company that refuses to submit to an audit shall be considered to have failed the audit.

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

161-560-0020

Audit Standards

An audit under OAR 161-560-0010 will examine the appraisal management company’s compliance with ORS 674.200 to 674.250, including, but not limited to, examination of the following:

(1) The appraisal management company’s compliance with the minimum requirements in OAR 161-520-0020 regarding appraiser competency.

(2) The names, license or certification numbers, and competency information required by OAR 161-520-0020 of the Oregon licensed or certified appraisers on the appraisal management company’s appraiser panel.

(3) Training materials used by the appraisal management company to satisfy OAR 161-540-0010.

(4) Records of employees who received training as required by OAR 161-540-0010.

(5) The appraisal management company’s record retention schedule, consistent with ORS 674.150 and OAR 161-550-0020.

(6) The appraisal management company’s business practices and transactions that may indicate:

(a) The appraisal management company attempted to influence the development, reporting or review of an appraisal or appraisal review assignment, consistent with the prohibitions established in ORS 674.220.

(b) The appraisal management company substantively altered in any way a completed appraisal report submitted by an appraiser, consistent with the prohibition established in ORS 674.220.

(c) The appraisal management company failed to make payments to an independent contractor appraiser for the completion of an appraisal or appraisal review, excluding claims for breach of contract or substandard performance, as established in ORS 674.225.

(d) The appraisal management company violated any other provision established in ORS 674.200 to 674.250 or OAR chapter 161.

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

The official copy of an Oregon Administrative Rule is contained in the Administrative Order filed at the Archives Division, 800 Summer St. NE, Salem, Oregon 97310. Any discrepancies with the published version are satisfied in favor of the Administrative Order. The Oregon Administrative Rules and the Oregon Bulletin are copyrighted by the Oregon Secretary of State. Terms and Conditions of Use

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