Terms Used In Ohio Code > Chapter 4768 - Appraisal Management Companies

• Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• anything of value: includes :

  (A) Money, bank bills or notes, United States treasury notes, and other bills, bonds, or notes issued by lawful authority and intended to pass and circulate as money;

  (B) Goods and chattels;

  (C) Promissory notes, bills of exchange, orders, drafts, warrants, checks, or bonds given for the payment of money;

  (D) Receipts given for the payment of money or other property;

  (E) Rights in action;

  (F) Things which savor of the realty and are, at the time they are taken, a part of the freehold, whether they are of the substance or produce thereof or affixed thereto, although there may be no interval between the severing and taking away;

  (G) Any interest in realty, including fee simple and partial interests, present and future, contingent or vested interests, beneficial interests, leasehold interests, and any other interest in realty;

  (H) Any promise of future employment;

  (I) Every other thing of value. See Ohio Code 1.03

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• 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 management services: means to perform any of the following functions on behalf of a lender, financial institution, client, or any other person in conjunction with a consumer credit transaction that is secured by a consumer's primary dwelling:

  (1) Administer an appraiser panel;

  (2) Recruit, retain, or select appraisers;

  (3) Qualify, verify licensure or certification, and negotiate fees and service level expectations with persons who are part of an appraiser panel;

  (4) Contract with appraisers to perform appraisal assignments;

  (5) Receive an order for an appraisal from one person and deliver the order for the appraisal to an appraiser who is part of an appraiser panel for completion;

  (6) Manage the process of having an appraisal performed, including providing administrative duties, such as receiving appraisal orders and reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed;

  (7) Track and determine the status of orders for appraisals;

  ( 8) Conduct quality control of a completed appraisal prior to the delivery of the appraisal to the person that ordered the appraisal;

  (9) Provide a completed appraisal performed by an appraiser to one or more clients. 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
• 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 4768.01
• Appraiser: means a person licensed or certified under Chapter 4763 of the Revised Code. See Ohio Code 4768.01
• Appraiser panel: means a network of appraisers who are independent contractors to the appraisal management company and who have been approved by the appraisal management company, after responding to an invitation or request from the appraisal management company, to perform appraisals for any client of the appraisal management company or for the appraisal management c ompany directly, on a periodic basis, as assigned by the appraisal management company. See Ohio Code 4768.01
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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 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
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means any of the following:

  (1) An owner, officer, or director of a business entity seeking to offer appraisal management services in this state;

  (2) An individual employed, appointed, or authorized by an appraisal management company, who has the authority to enter into contractual relationships with clients for the performance of appraisal management services and the authority to enter into agreements with appraisers for the performance of residential or commercial real estate appraisal services;

  (3) An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. See Ohio Code 4768.01

• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Federally regulated appraisal management company: means an appraisal management company that is owned and controlled by an insured depository institution as defined in 12 U. See Ohio Code 4768.01
• Fraud: Intentional deception resulting in injury to another.
• in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Owner: means a person who owns or controls ten per cent or more of an appraisal management company. See Ohio Code 4768.01
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity. See Ohio Code 4768.01
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Property: means real and personal property. See Ohio Code 1.59
• real estate appraisal services: means a real estate appraisal or appraisal review. See Ohio Code 4768.01
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rule: includes regulation. See Ohio Code 1.59
• 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.
• state: means the state of Ohio. See Ohio Code 1.59
• Subpoena: A command to a witness to appear and give testimony.
• Subpoena duces tecum: A command to a witness to produce documents.
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Whoever: includes all persons, natural and artificial; partners; principals, agents, and employees; and all officials, public or private. See Ohio Code 1.02