(1) An appraisal management company or an employee, controlling person or agent of an appraisal management company may not:
(a) Attempt to influence the development or reporting of an appraisal or appraisal review through coercion, extortion, collusion, compensation, inducement, intimidation, bribery or any other manner, including but not limited to:
(A) Withholding or threatening to withhold timely payment for an appraisal;
(B) Withholding or threatening to withhold future business for an appraiser;
(C) Expressly or impliedly promising future business, promotions or increased compensation for an appraiser;
(D) Conditioning the ordering of an appraisal report or any payment on the opinion, conclusion or valuation to be reached, or on a preliminary estimate or opinion requested from an appraiser;
(E) Requesting that an appraiser provide an estimated, predetermined or desired valuation in an appraisal report, or provide estimated values or comparable sales at any time prior to the appraiser’s completion of real estate appraisal activity;
(F) Providing to an appraiser an anticipated, estimated, encouraged or desired value for a subject property or a proposed or target amount to be loaned to the borrower, except that a copy of the sales contract for a purchase transaction may be provided; or
(G) Providing to an appraiser, or any entity or individual related to the appraiser, stock or other financial or nonfinancial benefits;
(b) Require an appraiser to accept an appraisal assignment if the appraiser has notified the company that the appraiser declines the assignment because the assignment must be completed within a time frame that the appraiser, in the appraiser’s professional judgment, believes does not afford the appraiser the ability to meet the appraiser’s legal and professional obligations;
(c) Require an appraiser to accept an appraisal assignment if the appraiser has notified the company that the appraiser declines the assignment because, in the appraiser’s professional judgment, the appraiser does not have the necessary expertise for the assignment;
(d) Prohibit lawful communications between the appraiser and any other person who the appraiser, in the appraiser’s professional judgment, believes possesses information that would be relevant;
(e) Knowingly require an appraiser to take any action that does not comply with the provisions of ORS chapter 674, the rules of the Appraiser Certification and Licensure Board or any assignment conditions and certifications required by the client for whom an appraisal is being performed;
(f) Require an appraiser to indemnify the appraisal management company or any other party against liability, damages, losses or claims that arise out of any act or conduct of the appraisal management company or that do not arise out of the services performed by the appraiser;
(g) Prohibit an appraiser from reporting the fee paid to the appraiser in the appraisal report;
(h) Allow a person to perform an appraisal review relating to a property located in this state if the person is not an appraiser with the licensure required to perform the appraisal review;
(i) Substantively alter in any way a completed appraisal report submitted by an appraiser; or
(j) Except within the first 90 days after an appraiser is added to the company’s appraiser panel, remove the appraiser from the appraiser panel without prior written notice to the appraiser, including notice of evidence of the reason for removal.
(2) An appraisal management company may request, on behalf of and with the approval of a financial institution at the request of a consumer, that an appraiser:
(a) Provide additional information about the basis for the valuation;
(b) Correct objective factual errors in a completed appraisal report; or
(c) Consider the prices of other comparable properties. [2010 c.87 §5; 2011 c.447 §12]
Note: See note under 674.200 (Definitions for ORS 674.200 to 674.250).
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.