Or. Admin. Code § 161-500-0000 - Definitions

In addition to the definitions in ORS 674.200, and as used in OAR Chapter 161 Divisions 500 through 570, the following terms (whether capitalized or not) shall have the following meanings:

(1) "Appraisal Report" has the same meaning as defined in OAR 161-002-0000.

(2) "Assignment" means:

(a) An agreement between an appraiser and a client to perform a valuation service;

(b) The valuation service that is provided as a consequence of such an agreement.

(3) "Audit" or "auditing" means a formal or official examination and verification of the accounts, correspondence, memoranda, papers, books and other records of an appraisal management company for compliance with ORS 674.200 through ORS 674.250.

(4) "Board" means the Appraiser Certification and Licensure Board established under ORS 674.305.

(5) "Competency" or "competent" refers to the Competency Rule as defined in the Uniform Standards of Professional Appraisal Practice (USPAP).

(6) "Complaint" means any written document alleging a deficiency on the part of the appraiser or appraisal management company in the completion of an assignment for real property in Oregon.

(7) "Subject Individual" means:

(a) A person designated as the controlling person as defined in ORS 674.200(8);

(b) An individual with an ownership interest of 10 percent or more of an appraisal management company; or

(c) In cases where ownership interest of 10 percent or more of the appraisal management company is held by an entity other than an individual:

(A) An individual who wholly owns a corporation that owns 10 percent or more of an appraisal management company;

(B) An individual wholly owning and serving as the only general partner in a limited partnership that owns 10 percent or more of an appraisal management company;

(C) An individual wholly owning and managing a limited liability company that owns 10 percent or more of an appraisal management company; or

(D) An individual who wholly owns any other type of business entity that owns 10 percent or more of an appraisal management company.

(8) "System" means an organized or established procedure or method.

Notes

Or. Admin. Code § 161-500-0000

ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447

Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447