Ohio Code 4768.03 – Duties of real estate appraiser board
The real estate appraiser board shall do all of the following:
Terms Used In Ohio Code 4768.03
- 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
- Appraiser: means a person licensed or certified under Chapter 4763 of the Revised Code. See Ohio Code 4768.01
- Person: means an individual, corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity. See Ohio Code 4768.01
- Service of process: The service of writs or summonses to the appropriate party.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(A) Adopt rules, in accordance with Chapter 119 of the Revised Code in furtherance of this chapter, including, but not limited to, all of the following:
(1) Procedures for criminal records checks that are required under section 4768.06 of the Revised Code, in accordance with division (L) of section 121.08 and division (C) of section 4768.06 of the Revised Code;
(2) The following nonrefundable fees:
(a) The initial appraisal management company license fee, which shall not exceed two thousand dollars;
(b) The annual renewal fee, which shall not exceed two thousand dollars;
(c) The late filing fee, which shall not exceed one thousand dollars, for the renewal of a license under division (C) of section 4768.07 of the Revised Code.
(3) Requirements for settlement agreements that the superintendent of real estate and professional licensing and an appraisal management company or other person may enter into under division (H) of section 4768.13 or division (C) of section 4768.14 of the Revised Code;
(4) Presumptions of compliance with regard to the customary and reasonable fees required under division (B) of section 4768.12 of the Revised Code. In adopting rules under division (A)(4) of this section, the board shall consider presumptions of compliance promulgated for the same purpose under the federal “Truth in Lending Act,” 82 Stat. 146, 15 U.S.C. § 1631 et seq.;
(5) Rules regarding consent to service of process for appraisal management companies in accordance with division (A)(6) of section 4768.06 of the Revised Code.
(B) Determine the appropriate disciplinary actions to be taken against a person, including a licensee, under section 4768.13 of the Revised Code;
(C) Hear appeals, pursuant to Chapter 119 of the Revised Code, from decisions and orders that the superintendent issues pursuant to this chapter;
(D) Request that the superintendent initiate an investigation of a violation of this chapter or the rules adopted under it, as the board determines appropriate.
Last updated October 4, 2023 at 3:58 PM