Ohio Code 4768.10 – Recordkeeping
(A) Each appraisal management company licensed under this chapter shall maintain all of the following items for a period of at least five years from the date the appraisal report is submitted to the client:
Terms Used In Ohio Code 4768.10
- 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
- Appraisal management company: means any person authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling, or by an underwriter o f or other principal in the secondary mortgage markets, that performs appraisal management services in connection with valuing properties collateralizing mortgage loans or valuing properties collateralizing mortgages incorporated in a securitization. See Ohio Code 4768.01
- 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 4768.01
- Appraiser: means a person licensed or certified under Chapter 4763 of the Revised Code. See Ohio Code 4768.01
- Client: means any person that contracts with, or otherwise enters into an agreement with, an appraisal management company for residential or commercial real estate appraisal services. See Ohio Code 4768.01
(1) The original or true copy of every request relating to the report that the appraisal management company receives from the client;
(2) The original or true copy of each request sent to an appraiser who is considered for the assignment;
(3) Copies of the appraisal report and all versions of that report.
(B) An appraisal management company shall include all of the following information in each appraisal assignment file:
(1) The name and contact information of both the appraisal management company and the individual from the appraisal management company involved in ordering the appraisal or, if the assignment is generated by an automated system, the name of that system;
(2) The amount of any fee paid to the appraiser for each assignment included in the appraisal assignment file and the time and method of payment;
(3) Details of all communications between the appraisal management company, the appraiser, and the client for each appraisal assignment included in the appraisal assignment file.