§ 59-858-803. Definitions.

As used in the Oklahoma Appraisal Management Company Regulation Act:

1.  “Appraisal” means the practice of developing and reporting an opinion of the value of real property in conformance with the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of The Appraisal Foundation;

2.  “Appraisal management company” or “AMC” means an individual, firm, partnership, association, corporation or limited liability company that performs appraisal management services, regardless of the use of the term appraisal management company, mortgage technology provider, mortgage services provider, lender processing services provider, loan processor, real estate closing services provider, vendor management company or any other term;

3.  “Appraisal management services” means, directly or indirectly, to perform or attempt to perform any one or more of the following function(s) on behalf of a lender, financial institution, client, or any other person:

a.administer an appraiser panel,

b.recruit, qualify, verify licensing or certification, and negotiate fees and service level expectations with persons who are part of an appraiser panel,

c.receive an order for an appraisal from one entity, and deliver the order for the appraisal to an appraiser that is part of an appraiser panel for completion,

d.track and determine the status of orders for appraisals,

e.conduct quality control of a completed appraisal prior to the delivery of the appraisal to the person that ordered the appraisal, or

f.provide a completed appraisal performed by an appraiser to one or more clients;

4.  “Appraiser” means a person who holds a credential or a valid temporary practice permit issued by the Oklahoma Real Estate Appraiser Board pursuant to the Oklahoma Certified Real Estate Appraisers Act as a State Certified General, State Certified Residential, State Licensed, or Trainee Appraiser entitling that person to perform an appraisal of real property in the State of Oklahoma consistent with the scope of practice identified in the Real Property Appraiser Qualification Criteria promulgated by the Appraiser Qualifications Board of The Appraisal Foundation;

5.  “Appraiser panel” means a network of licensed or certified appraisers who have:

a.responded to an invitation, request, or solicitation from an AMC, in any form, to perform appraisals for persons that have ordered appraisals through the AMC, or to perform appraisals for the AMC directly, on a periodic basis, as requested and assigned by the AMC, and

b.been selected and approved by an AMC to perform appraisals for any client of the AMC that has ordered an appraisal through the AMC, or to perform appraisals for the AMC directly, on a periodic basis, as assigned by the AMC;

6.  “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 assignment related to the appraiser’s data collection, analysis, opinions, conclusions, estimate of value, or compliance with the Uniform Standards of Professional Appraisal Practice.  This term does not include:

a.a general examination for grammatical, typographical or other similar errors, or

b.a general examination for completeness including regulatory and/or client requirements as specified in the agreement process that does not communicate an opinion;

7.  “Board” means the Oklahoma Real Estate Appraiser Board;

8.  “Competent appraiser” means an appraiser that satisfies each provision of the Competency Rule of the Uniform Standards of Professional Appraisal Practice for a specific appraisal assignment that the appraiser has received, or may receive, from an AMC;

9.  “Credential” means a certificate issued by the Board pursuant to the provisions of the Oklahoma Certified Real Estate Appraisers Act authorizing an individual to act as a Trainee Appraiser, State Licensed Appraiser, Certified Residential Appraiser or State Certified General Appraiser in the State of Oklahoma;

10.  “Controlling person” means:

a.an owner, officer, manager, or director of a corporation, partnership, firm, association, limited liability company, or other business entity seeking to offer appraisal management services in this state,

b.an individual employed, appointed, or authorized by an AMC that has the authority to enter into a contractual relationship with other persons for the performance of appraisal management services and has the authority to enter into agreements with appraisers for the performance of appraisals, or

c.an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an AMC;

11.  “Person” means an individual, firm, partnership, association, corporation, or any other entity; and

12.  “Uniform Standards of Professional Appraisal Practice” or “USPAP” means the edition of the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Standards Board of The Appraisal Foundation in force as of the date that a report of an appraisal was signed or communicated.

Added by Laws 2010, c. 364, § 3, eff. Jan. 1, 2011.