Terms Used In Ohio Code 4763.19

• 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 review: means the act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal or appraisal review. See Ohio Code 4763.01
• Automated valuation model: means a computer software program that analyzes data using an automated process, such as regression, adaptive estimation, neural network, expert reasoning, or artificial intelligence programs, that produces an output that may become a basis for appraisal or appraisal review if the appraiser believes the output to be credible for use in a specific assignment. 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
• Prepare: means to develop and communicate, whether through a personal physical inspection or through the act or process of critically studying a report prepared by another who made the physical inspection, an appraisal report or specialized service report. See Ohio Code 4763.01
• 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
• Valuation: means an estimate of the value of real estate. See Ohio Code 4763.01