Ohio Code 4763.12 – Certified appraisal or certified appraisal report
(A) A person licensed or certified under this chapter may be retained or employed to act as a disinterested third party in rendering an unbiased valuation or analysis of real estate or to provide specialized services to facilitate the client or employer’s objectives. An appraisal or appraisal report rendered by a certificate holder or licensee shall comply with this chapter. A certified appraisal or certified appraisal report represents to the public that it satisfies the standards set forth in this chapter.
Terms Used In Ohio Code 4763.12
- Analysis: means a study of real estate for purposes other than valuation. See Ohio Code 4763.01
- 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 4763.01
- Appraisal assignment: means an engagement for which a person licensed or certified under this chapter is employed, retained, or engaged to act, or would be perceived by third parties or the public as acting, as a disinterested third party in rendering an unbiased real estate appraisal. See Ohio Code 4763.01
- Appraisal report: means a written communication of a real estate appraisal or appraisal review, or an oral communication of a real estate appraisal or appraisal review, that is documented by a writing that supports the oral communication. See Ohio Code 4763.01
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Report: means any communication, written, oral, or by any other means of transmission of information, of a real estate appraisal, appraisal review, or specialized service that is transmitted to a client or employer upon completion of the appraisal or service. See Ohio Code 4763.01
- Specialized services: means all appraisal services, other than appraisal assignments, including, but not limited to, valuation and analysis given in connection with activities such as real estate brokerage, mortgage banking, real estate counseling, and real estate tax counseling, and specialized marketing, financing, and feasibility studies. See Ohio Code 4763.01
- Valuation: means an estimate of the value of real estate. See Ohio Code 4763.01
(B) No certificate holder or licensee shall accept a fee for an appraisal assignment that is contingent, in whole or in part, upon the reporting of a predetermined estimate, analysis, or opinion or upon the opinion, conclusion, or valuation reached, or upon consequences resulting from the appraisal assignment. A certificate holder or licensee who enters into an agreement to provide specialized services may charge a fixed fee or a fee that is contingent upon the results achieved by the specialized services, provided that this fact is clearly stated in each oral report rendered pursuant to the agreement, and the existence of the contingent fee arrangement is clearly stated in a prominent place on each written report and in each letter of transmittal and certification statement made by the certificate holder or licensee within that report.
(C) Every written report rendered by a certificate holder or licensee in conjunction with an appraisal assignment or specialized service performed shall include the following information:
(1) The name of the certificate holder or licensee;
(2) The class of certification or licensure held by and the certification or licensure number of the certificate holder or licensee;
(3) Whether the appraisal or specialized service is performed within the scope of the certificate holder’s or licensee’s certification or licensure;
(4) Whether the appraisal or specialized service is provided by a certificate holder or licensee as a disinterested and unbiased third party or as a person on an interested and biased basis or as an interested third party on a contingent fee basis;
(5) The signature of the person performing and reporting the appraisal or specialized service ;
(6) The license, certificate, or registration number of the appraisal management company that has engaged the appraiser for the assignment within the body of the appraisal report;
(7) If an appraisal report is completed for an appraisal management company, one of the following:
(a) The actual fees paid to the appraiser within the body of the appraisal report;
(b) If the appraiser is employed by the appraisal management company on an employee and employer basis for the performance of appraisals, a statement of that fact and a statement that the appraiser was not paid a fee.
If the certificate holder or licensee provides an oral real estate appraisal report or specialized service, the certificate holder or licensee shall send, within seven days of providing the oral report, a form to the client containing the appropriate information specified in this division and the rules adopted pursuant to this division.
(D) Nothing in this chapter shall be construed as requiring a certificate holder or licensee to provide a client with a copy of any writing prepared in support of an oral appraisal report except as provided in division (C) of this section or as agreed to between the certificate holder or licensee and the certificate holder’s or licensee’s client.
(E) No person, directly or indirectly, shall knowingly compensate, instruct, induce, coerce, or intimidate, or attempt to compensate, instruct, induce, coerce, or intimidate, a certificate holder or licensee for the purpose of corrupting or improperly influencing the independent judgment of the certificate holder or licensee with respect to the value of the dwelling offered as security for repayment of a mortgage loan.