674.405 Adjustmentsto appraisal not required based on form of conveyance
674.410 Writtenreport required to present testimony on appraisal
PENALTIES
674.850 Civilpenalties
674.990 Criminalpenalties
GENERALPROVISIONS
674.010Definitions.For purposes of this chapter:
(1)“Appraisal Foundation” means the Appraisal Foundation established on November30, 1987, as a not-for-profit corporation under the laws of Illinois.
(2)“Appraisal Subcommittee” means the Appraisal Subcommittee of the FederalFinancial Institutions Examination Council established pursuant to the federalAct.
(3)“Board” means the Appraiser Certification and Licensure Board established underORS 674.305.
(4)“Federal Act” means Title XI of the Federal Financial Institutions Reform,Recovery and Enforcement Act of 1989 (12 U.S.C. 3310 et seq.).
(a)The Board of Governors of the Federal Reserve System;
(b)The Federal Deposit Insurance Corporation;
(c)The Office of the Comptroller of the Currency;
(d)The Office of Thrift Supervision; or
(e)The National Credit Union Administration.
(6)“Federally related transaction” means any real estate-related financialtransaction that:
(a)A federal financial institution regulatory agency or the Resolution TrustCorporation engages in, contracts for or regulates; and
(b)Requires the services of an appraiser.
(7)“Financial institution” means an insured depository institution as defined insection 3 of the Federal Deposit Insurance Act or an insured credit union asdefined in section 101 of the Federal Credit Union Act.
(8)“Mortgage banker” has the meaning given that term in ORS 86A.100.
(9)“Professional real estate activity” has the meaning given that term in ORS696.010.
(10)“Real estate appraisal activity” means the activity described in ORS 674.100.
(11)“Real estate-related financial transaction” means any transaction involving:
(a)The sale, lease, purchase, investment in or exchange of real property,including interests in real property, or the financing thereof;
(b)The refinancing of real property or interests in real property; and
(c)The use of real property or interests in real property as security for a loanor investment, including mortgage-backed securities.
(12)“State certified appraiser” means an individual who has been certified as astate certified appraiser under ORS 674.310.
(13)“State licensed appraiser” means an individual who has been licensed as a statelicensed appraiser under ORS 674.310.
(14)“State registered appraiser assistant” means an individual who has beenregistered as a state registered appraiser assistant under ORS 674.310. [1991c.5 §2; 1993 c.465 §2; 1993 c.508 §41; 1993 c.744 §217; 2005 c.254 §1]
674.020Purposes.The purposes of this chapter are to:
(1)Require that all real estate appraisals be performed in accordance with uniformstandards by individuals whose competency has been demonstrated and whoseprofessional conduct will be subject to effective supervision.
(2)Conform the law of this state to the requirements of federal law.
(3)Ensure the availability of state certified appraisers, state licensedappraisers and state registered appraiser assistants for the performance ofreal estate appraisal activity, including the performance of appraisals infederally related transactions, and to ensure effective supervision of theactivities of state certified appraisers, state licensed appraisers and stateregistered appraiser assistants. [1991 c.5 §1; 1997 c.417 §1; 2005 c.254 §2]
CERTIFICATION,LICENSURE AND REGISTRATION
674.100Persons engaged in real estate appraisal activity required to be certified,licensed or registered; exclusions; violations. (1)(a) A personmay not engage in, carry on, advertise or purport to engage in or carry on realestate appraisal activity within this state without first obtainingcertification, licensure or registration as provided for in ORS 674.310.
(b)Real estate appraisal activity is the preparation, completion and issuance ofan opinion as to the value on a given date or at a given time of real propertyor an interest in real property, whether the activity is performed inconnection with a federally related transaction or is not performed inconnection with a federally related transaction. Notwithstanding any otherprovision of law, a state certified appraiser or a state licensed appraiser:
(A)Is not required to be licensed under ORS 696.022 to perform real estateappraisal activity or any other activity that constitutes the giving of anopinion as to the value of real property or an interest in real property; and
(B)Is not subject to regulation under ORS 696.010 to 696.495 and 696.600 to696.995 in connection with the performance of real estate appraisal activity orthe performance of any other activity that constitutes the giving of an opinionas to the value of real estate or an interest in real estate.
(2)Real estate appraisal activity excludes activity that is not performed inconnection with a federally related transaction and that:
(a)Is performed by a nonlicensed regular full-time employee of a single owner ofreal estate, if the activity involves the real estate of the employer and isincidental to the employee’s normal, nonreal estate activities;
(b)Is performed by a nonlicensed regular full-time employee whose activityinvolves the real estate of the employer, when the activity is the employee’sprincipal activity, but the employer’s principal activity or business is notthe appraisal of real estate;
(c)Is performed by an attorney at law rendering services in the performance ofduties as an attorney at law;
(d)Is performed by a registered geologist, registered professional engineer orarchitect rendering services as a registered geologist, registered professionalengineer or architect;
(e)Is performed by a certified public accountant rendering services as a certifiedpublic accountant;
(f)Is performed by a mortgage banker rendering services as a mortgage banker;
(g)Constitutes a letter opinion or a competitive market analysis as those termsare defined in ORS 696.010 that, by administrative or judicial order orsubpoena, is compelled from an individual licensed to engage in professionalreal estate activity under ORS 696.022;
(h)Is performed by a salaried employee of the federal government, the State ofOregon or a political subdivision of the federal government or the State ofOregon while engaged in the performance of the duties of the employee;
(i)Is limited to analyzing or advising of permissible land use alternatives, environmentalimpact, building and use permit procedures or demographic market studies, ifthe performance of the activities does not involve the rendering of an opinionas to the value of the real estate in question;
(j)Is performed by a professional forester appraising or valuing timber,timberland or both as part of services performed as a private consultant inforest management, but only if, in the case of timberland, the appraisal orvaluation is limited to the use of the land as forestland;
(k)Is limited to giving an opinion in an administrative or judicial proceedingregarding the value of real estate for taxation;
(L)Is limited to giving an opinion regarding the value of real estate by a personwho is not licensed under ORS chapter 696, if the person’s business is not theappraisal, selling or listing of real estate and the activity is performedwithout compensation. This paragraph does not apply to a person conductingtransactional negotiations on behalf of another person for transfer of an interestin real property;
(m)Is limited to transferring or acquiring an interest in real estate by a personwho is not licensed under ORS chapter 696; or
(n)Is performed by a home inspector acting within the scope of a certificate orlicense issued under ORS chapter 701.
(3)(a)Real estate appraisal activity does not include an analysis, evaluation,opinion, conclusion, notation or compilation of data prepared by a financialinstitution or affiliate, a consumer finance company licensed under ORS chapter725 or an insurance company or affiliate, made for internal use only by thefinancial institution or affiliate, consumer finance company or the insurancecompany or affiliate, concerning an interest in real estate for ownership orcollateral purposes by the financial institution or affiliate, the consumerfinance company licensed under ORS chapter 725 or the insurance company oraffiliate. Nothing in this subsection shall be construed to excuse a financialinstitution or affiliate from complying with the provisions of Title XI of thefederal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12U.S.C. 3310 et seq.).
(b)As used in this subsection, “evaluation” means a study of the nature, qualityor utility of a parcel of real estate or interests in, or aspects of, realproperty in which a value estimate is not necessarily required.
(4)(a)As used in this section, “purport to engage in or carry on real estateappraisal activity” means the display of a card, sign, advertisement or otherprinted, engraved or written instrument bearing the person’s name inconjunction with the term “appraiser,” “licensed appraiser,” “certifiedappraiser,” “appraiser assistant,” “registered appraiser assistant” or “appraisal”or an oral statement or representation of certification, licensure orregistration by the Appraiser Certification and Licensure Board made by aperson.
(b)Each display or statement described in paragraph (a) of this subsection by aperson not licensed, certified or registered by the board is a separateviolation under ORS 674.850 or 674.990.
(c)In a proceeding under ORS 674.850 or 674.990, a display or statement describedin paragraph (a) of this subsection shall be considered prima facie evidencethat the person named in the display or making the statement purports to engagein or carry on real estate appraisal activity. [1991 c.5 §3; 1993 c.465 §1;1993 c.744 §218; 1997 c.417 §2; 2001 c.196 §1; 2001 c.300 §62; 2005 c.254 §3;2007 c.319 §33]
674.105Authority of Appraiser Certification and Licensure Board to requirefingerprints.For the purpose of requesting a state or nationwide criminal records checkunder ORS 181.534, the Appraiser Certification and Licensure Board may requirethe fingerprints of a person who is applying for, or holds, a license,certificate or registration, or is applying for renewal of a license,certificate or registration, that is issued by the board, or of a person who:
(1)(a)Is employed or applying for employment by the board;
(b)Provides services or seeks to provide services to the board as a contractor,vendor or volunteer; and
(2)Is, or will be, working or providing services in a position:
(a)In which the person is providing information technology services and hascontrol over, or access to, information technology systems that would allow theperson to harm the information technology systems or the information containedin the systems;
(b)In which the person has access to information, the disclosure of which isprohibited by state or federal laws, rules or regulations or information thatis defined as confidential under state or federal laws, rules or regulations;
(c)That has payroll functions or in which the person has responsibility forreceiving, receipting or depositing money or negotiable instruments, forbilling, collections or other financial transactions or for purchasing orselling property or has access to property held in trust or to private propertyin the temporary custody of the state; or
(d)In which the person has access to personal information about employees ormembers of the public including Social Security numbers, dates of birth, driverlicense numbers, medical information, personal financial information orcriminal background information. [2005 c.730 §59]
Note: 674.105 wasenacted into law by the Legislative Assembly but was not added to or made apart of ORS chapter 674 or any series therein by legislative action. SeePreface to Oregon Revised Statutes for further explanation.
674.120Nonresident certificate or license recognized; criteria. The AppraiserCertification and Licensure Board shall recognize temporarily the certificateor license of an appraiser issued by another state if:
(1)The appraiser’s business is of a temporary nature; and
(2)The appraiser registers with the board. [1991 c.5 §8; 1993 c.465 §6]
674.130Appraisal standards for federally related transactions. Notwithstandingany other provision of law, any real estate appraisal that is performed inconnection with a federally related transaction shall be in writing and shallbe performed and completed in accordance with the appraisal standardsestablished by the federal financial institution regulatory agency havingjurisdiction over the federally related transaction for which the appraisal isperformed. In the event of any conflict between the provisions of any other lawand the appraisal standards established by the federal financial institutionregulatory agency having jurisdiction, the standards established by the federalfinancial institution regulatory agency shall prevail. [1991 c.5 §9]
674.140Grounds for discipline. The Appraiser Certification and Licensure Board maysuspend or revoke the certificate, license or registration of a state certifiedappraiser, a state licensed appraiser or a state registered appraiserassistant, reprimand a state certified appraiser, a state licensed appraiser ora state registered appraiser assistant, require additional education of a statecertified appraiser, a state licensed appraiser or a state registered appraiserassistant or deny the issuance or renewal of a certificate, license orregistration to an applicant if the state certified appraiser, state licensedappraiser or state registered appraiser assistant or applicant has done any ofthe following:
(1)Knowingly or negligently pursued a continued course of materialmisrepresentation in matters related to real estate appraisal activity, whetheror not damage or injury resulted, or knowingly or negligently made a materialmisrepresentation or false material promise in a matter related to real estateappraisal activity, if the material misrepresentation or material false promisecreated a reasonable probability of damage or injury, whether or not damage orinjury actually resulted.
(2)Disregarded or violated a provision of ORS 674.130 or 674.150 or the federalAct or a rule adopted under ORS 674.310.
(3)Knowingly or negligently made, printed, distributed or in any manner publishedmaterially misleading or untruthful advertising, descriptions or promises, ofsuch character as reasonably to induce a person to act to the damage or injuryof the person, whether or not actual damage or injury resulted.
(4)Guaranteed, authorized or permitted a person to guarantee future profits thatmay result in the resale of real property.
(5)Failed for any reason to pay to the board the annual registry fee provided forunder ORS 674.330 (1) or the fees provided for under ORS 674.330 (2).
(6)Failed or refused upon demand by the board to produce or to supply forinspection by the board true copies of any document, book or record in theindividual’s possession or control or concerning real estate appraisal activitytransacted by the individual.
(7)Failed to maintain at all times any records that the individual is required tomaintain under ORS 674.150.
(8)Accepted employment or compensation for performing or agreeing to perform areal estate appraisal activity contingent upon the reporting of a predeterminedvalue or performed real estate appraisal activity on real estate in which theindividual had an undisclosed interest.
(9)Entered a plea of nolo contendere or been found guilty of, or been convictedof, a felony or misdemeanor substantially related to the individual’strustworthiness or competence to engage in real estate appraisal activity.
(10)Knowingly authorized, directed or aided in the publication, advertisement,distribution or circulation of a material false statement or materialmisrepresentation concerning the individual’s business.
(11)Demonstrated negligence or incompetence in performing an act for which theindividual is required to hold a certificate, license or registration.
(12)Knowingly permitted an individual whose certificate, license or registrationhas been suspended or revoked to engage in real estate appraisal activity withor on behalf of a state certified appraiser or state licensed appraiser.
(13)Committed an act or conduct, whether of the same or of a different characterspecified in this section and whether or not in the course of real estate appraisalactivity, that:
(a)Constitutes or demonstrates bad faith, incompetency or untrustworthiness, ordishonest, fraudulent or improper dealings; and
(b)Is substantially related to the fitness of the applicant or holder of acertificate, license or registration to conduct real estate appraisal activity.[1991 c.5 §12; 2001 c.332 §1; 2003 c.749 §14; 2005 c.254 §4]
674.150Maintenance of appraisal records. Every state certified appraiser andevery state licensed appraiser shall maintain records of all real estateappraisal activity conducted by the appraiser. The records shall at all timesbe open for inspection by the Appraiser Certification and Licensure Board orits duly authorized representatives. The records shall be maintained by theappraiser for a period of not less than five years after the date of completionof the appraisal to which the record pertains or for a period of not less thantwo years after final disposition of a judicial proceeding in which testimonyrelating to the records was given, whichever period expires later. [1991 c.5 §17;1995 c.234 §1; 2001 c.332 §2]
674.160Reciprocal agreements with other states; procedures. (1) If theadministrator of the Appraiser Certification and Licensure Board determinesthat the standards, qualifications and examinations for licensing, certifyingor registration of real estate appraisers of another state are substantiallysimilar to the standards, qualifications and examinations required under thischapter and the rules adopted pursuant thereto, the administrator with approvalof the Appraiser Certification and Licensure Board may enter into a reciprocalagreement with such other state to issue without examination licenses orcertificates upon proof of licensing or certification in such other state andupon payment of appropriate fees.
(2)Reciprocal agreements may be terminated by the administrator with approval ofthe Appraiser Certification and Licensure Board upon a determination that theother state is not maintaining and enforcing standards, qualifications andexaminations substantially similar to those of this state. [1993 c.465 §4]
674.170 [1993 c.465 §5;repealed by 2005 c.730 §77]
BOARD
674.305Appraiser Certification and Licensure Board; appointment; term; compensation; conductof business; rules.(1) The Appraiser Certification and Licensure Board is established. The boardshall operate as a semi-independent state agency subject to ORS 182.456 to182.472 for purposes of carrying out the provisions of this chapter. The boardshall consist of seven members. The members shall be appointed by the Governorand must be residents of this state.
(2)The board shall be composed of:
(a)Five appraisers certified or licensed under ORS 674.310;
(b)One individual who is employed by a financial institution or a mortgage banker;and
(c)One individual who is a public member and who:
(A)Is not engaged in professional real estate activity;
(B)Is not a state certified or state licensed appraiser;
(C)Is not employed by a financial institution or a mortgage banker; and
(D)Does not have a direct financial interest in any person who is required, orwhose employees or agents are required, to be state licensed or state certifiedappraisers.
(3)The term of office of each member is four years with two terms maximum, but amember serves at the pleasure of the Governor. Before the expiration of theterm of a member, the Governor shall appoint a successor whose term begins onJuly 1 next following. A member is eligible for reappointment. If there is avacancy for any cause, the Governor shall make an appointment to becomeimmediately effective for the unexpired term. A member may not be appointed toserve more than two consecutive terms on the board.
(4)The board shall select one of its members as chairperson and another as vicechairperson, for such terms and with duties and powers necessary for theperformance of the functions of such offices as the board determines.
(5)A majority of the members of the board constitutes a quorum for the transactionof business.
(6)The board shall meet at least once every three months at a place, day and hourdetermined by the board. The board also shall meet at other times and placesspecified by the call of the chairperson or of a majority of the members of theboard.
(7)In accordance with applicable provisions of ORS chapter 183, the board shalladopt rules necessary for the administration of this chapter.
674.405 Adjustmentsto appraisal not required based on form of conveyance
674.410 Writtenreport required to present testimony on appraisal
PENALTIES
674.850 Civilpenalties
674.990 Criminalpenalties
GENERALPROVISIONS
674.010Definitions.For purposes of this chapter:
(1)“Appraisal Foundation” means the Appraisal Foundation established on November30, 1987, as a not-for-profit corporation under the laws of Illinois.
(2)“Appraisal Subcommittee” means the Appraisal Subcommittee of the FederalFinancial Institutions Examination Council established pursuant to the federalAct.
(3)“Board” means the Appraiser Certification and Licensure Board established underORS 674.305.
(4)“Federal Act” means Title XI of the Federal Financial Institutions Reform,Recovery and Enforcement Act of 1989 (12 U.S.C. 3310 et seq.).
(a)The Board of Governors of the Federal Reserve System;
(b)The Federal Deposit Insurance Corporation;
(c)The Office of the Comptroller of the Currency;
(d)The Office of Thrift Supervision; or
(e)The National Credit Union Administration.
(6)“Federally related transaction” means any real estate-related financialtransaction that:
(a)A federal financial institution regulatory agency or the Resolution TrustCorporation engages in, contracts for or regulates; and
(b)Requires the services of an appraiser.
(7)“Financial institution” means an insured depository institution as defined insection 3 of the Federal Deposit Insurance Act or an insured credit union asdefined in section 101 of the Federal Credit Union Act.
(8)“Mortgage banker” has the meaning given that term in ORS 86A.100.
(9)“Professional real estate activity” has the meaning given that term in ORS696.010.
(10)“Real estate appraisal activity” means the activity described in ORS 674.100.
(11)“Real estate-related financial transaction” means any transaction involving:
(a)The sale, lease, purchase, investment in or exchange of real property,including interests in real property, or the financing thereof;
(b)The refinancing of real property or interests in real property; and
(c)The use of real property or interests in real property as security for a loanor investment, including mortgage-backed securities.
(12)“State certified appraiser” means an individual who has been certified as astate certified appraiser under ORS 674.310.
(13)“State licensed appraiser” means an individual who has been licensed as a statelicensed appraiser under ORS 674.310.
(14)“State registered appraiser assistant” means an individual who has beenregistered as a state registered appraiser assistant under ORS 674.310. [1991c.5 §2; 1993 c.465 §2; 1993 c.508 §41; 1993 c.744 §217; 2005 c.254 §1]
674.020Purposes.The purposes of this chapter are to:
(1)Require that all real estate appraisals be performed in accordance with uniformstandards by individuals whose competency has been demonstrated and whoseprofessional conduct will be subject to effective supervision.
(2)Conform the law of this state to the requirements of federal law.
(3)Ensure the availability of state certified appraisers, state licensedappraisers and state registered appraiser assistants for the performance ofreal estate appraisal activity, including the performance of appraisals infederally related transactions, and to ensure effective supervision of theactivities of state certified appraisers, state licensed appraisers and stateregistered appraiser assistants. [1991 c.5 §1; 1997 c.417 §1; 2005 c.254 §2]
CERTIFICATION,LICENSURE AND REGISTRATION
674.100Persons engaged in real estate appraisal activity required to be certified,licensed or registered; exclusions; violations. (1)(a) A personmay not engage in, carry on, advertise or purport to engage in or carry on realestate appraisal activity within this state without first obtainingcertification, licensure or registration as provided for in ORS 674.310.
(b)Real estate appraisal activity is the preparation, completion and issuance ofan opinion as to the value on a given date or at a given time of real propertyor an interest in real property, whether the activity is performed inconnection with a federally related transaction or is not performed inconnection with a federally related transaction. Notwithstanding any otherprovision of law, a state certified appraiser or a state licensed appraiser:
(A)Is not required to be licensed under ORS 696.022 to perform real estateappraisal activity or any other activity that constitutes the giving of anopinion as to the value of real property or an interest in real property; and
(B)Is not subject to regulation under ORS 696.010 to 696.495 and 696.600 to696.995 in connection with the performance of real estate appraisal activity orthe performance of any other activity that constitutes the giving of an opinionas to the value of real estate or an interest in real estate.
(2)Real estate appraisal activity excludes activity that is not performed inconnection with a federally related transaction and that:
(a)Is performed by a nonlicensed regular full-time employee of a single owner ofreal estate, if the activity involves the real estate of the employer and isincidental to the employee’s normal, nonreal estate activities;
(b)Is performed by a nonlicensed regular full-time employee whose activityinvolves the real estate of the employer, when the activity is the employee’sprincipal activity, but the employer’s principal activity or business is notthe appraisal of real estate;
(c)Is performed by an attorney at law rendering services in the performance ofduties as an attorney at law;
(d)Is performed by a registered geologist, registered professional engineer orarchitect rendering services as a registered geologist, registered professionalengineer or architect;
(e)Is performed by a certified public accountant rendering services as a certifiedpublic accountant;
(f)Is performed by a mortgage banker rendering services as a mortgage banker;
(g)Constitutes a letter opinion or a competitive market analysis as those termsare defined in ORS 696.010 that, by administrative or judicial order orsubpoena, is compelled from an individual licensed to engage in professionalreal estate activity under ORS 696.022;
(h)Is performed by a salaried employee of the federal government, the State ofOregon or a political subdivision of the federal government or the State ofOregon while engaged in the performance of the duties of the employee;
(i)Is limited to analyzing or advising of permissible land use alternatives, environmentalimpact, building and use permit procedures or demographic market studies, ifthe performance of the activities does not involve the rendering of an opinionas to the value of the real estate in question;
(j)Is performed by a professional forester appraising or valuing timber,timberland or both as part of services performed as a private consultant inforest management, but only if, in the case of timberland, the appraisal orvaluation is limited to the use of the land as forestland;
(k)Is limited to giving an opinion in an administrative or judicial proceedingregarding the value of real estate for taxation;
(L)Is limited to giving an opinion regarding the value of real estate by a personwho is not licensed under ORS chapter 696, if the person’s business is not theappraisal, selling or listing of real estate and the activity is performedwithout compensation. This paragraph does not apply to a person conductingtransactional negotiations on behalf of another person for transfer of an interestin real property;
(m)Is limited to transferring or acquiring an interest in real estate by a personwho is not licensed under ORS chapter 696; or
(n)Is performed by a home inspector acting within the scope of a certificate orlicense issued under ORS chapter 701.
(3)(a)Real estate appraisal activity does not include an analysis, evaluation,opinion, conclusion, notation or compilation of data prepared by a financialinstitution or affiliate, a consumer finance company licensed under ORS chapter725 or an insurance company or affiliate, made for internal use only by thefinancial institution or affiliate, consumer finance company or the insurancecompany or affiliate, concerning an interest in real estate for ownership orcollateral purposes by the financial institution or affiliate, the consumerfinance company licensed under ORS chapter 725 or the insurance company oraffiliate. Nothing in this subsection shall be construed to excuse a financialinstitution or affiliate from complying with the provisions of Title XI of thefederal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12U.S.C. 3310 et seq.).
(b)As used in this subsection, “evaluation” means a study of the nature, qualityor utility of a parcel of real estate or interests in, or aspects of, realproperty in which a value estimate is not necessarily required.
(4)(a)As used in this section, “purport to engage in or carry on real estateappraisal activity” means the display of a card, sign, advertisement or otherprinted, engraved or written instrument bearing the person’s name inconjunction with the term “appraiser,” “licensed appraiser,” “certifiedappraiser,” “appraiser assistant,” “registered appraiser assistant” or “appraisal”or an oral statement or representation of certification, licensure orregistration by the Appraiser Certification and Licensure Board made by aperson.
(b)Each display or statement described in paragraph (a) of this subsection by aperson not licensed, certified or registered by the board is a separateviolation under ORS 674.850 or 674.990.
(c)In a proceeding under ORS 674.850 or 674.990, a display or statement describedin paragraph (a) of this subsection shall be considered prima facie evidencethat the person named in the display or making the statement purports to engagein or carry on real estate appraisal activity. [1991 c.5 §3; 1993 c.465 §1;1993 c.744 §218; 1997 c.417 §2; 2001 c.196 §1; 2001 c.300 §62; 2005 c.254 §3;2007 c.319 §33]
674.105Authority of Appraiser Certification and Licensure Board to requirefingerprints.For the purpose of requesting a state or nationwide criminal records checkunder ORS 181.534, the Appraiser Certification and Licensure Board may requirethe fingerprints of a person who is applying for, or holds, a license,certificate or registration, or is applying for renewal of a license,certificate or registration, that is issued by the board, or of a person who:
(1)(a)Is employed or applying for employment by the board;
(b)Provides services or seeks to provide services to the board as a contractor,vendor or volunteer; and
(2)Is, or will be, working or providing services in a position:
(a)In which the person is providing information technology services and hascontrol over, or access to, information technology systems that would allow theperson to harm the information technology systems or the information containedin the systems;
(b)In which the person has access to information, the disclosure of which isprohibited by state or federal laws, rules or regulations or information thatis defined as confidential under state or federal laws, rules or regulations;
(c)That has payroll functions or in which the person has responsibility forreceiving, receipting or depositing money or negotiable instruments, forbilling, collections or other financial transactions or for purchasing orselling property or has access to property held in trust or to private propertyin the temporary custody of the state; or
(d)In which the person has access to personal information about employees ormembers of the public including Social Security numbers, dates of birth, driverlicense numbers, medical information, personal financial information orcriminal background information. [2005 c.730 §59]
Note: 674.105 wasenacted into law by the Legislative Assembly but was not added to or made apart of ORS chapter 674 or any series therein by legislative action. SeePreface to Oregon Revised Statutes for further explanation.
674.120Nonresident certificate or license recognized; criteria. The AppraiserCertification and Licensure Board shall recognize temporarily the certificateor license of an appraiser issued by another state if:
(1)The appraiser’s business is of a temporary nature; and
(2)The appraiser registers with the board. [1991 c.5 §8; 1993 c.465 §6]
674.130Appraisal standards for federally related transactions. Notwithstandingany other provision of law, any real estate appraisal that is performed inconnection with a federally related transaction shall be in writing and shallbe performed and completed in accordance with the appraisal standardsestablished by the federal financial institution regulatory agency havingjurisdiction over the federally related transaction for which the appraisal isperformed. In the event of any conflict between the provisions of any other lawand the appraisal standards established by the federal financial institutionregulatory agency having jurisdiction, the standards established by the federalfinancial institution regulatory agency shall prevail. [1991 c.5 §9]
674.140Grounds for discipline. The Appraiser Certification and Licensure Board maysuspend or revoke the certificate, license or registration of a state certifiedappraiser, a state licensed appraiser or a state registered appraiserassistant, reprimand a state certified appraiser, a state licensed appraiser ora state registered appraiser assistant, require additional education of a statecertified appraiser, a state licensed appraiser or a state registered appraiserassistant or deny the issuance or renewal of a certificate, license orregistration to an applicant if the state certified appraiser, state licensedappraiser or state registered appraiser assistant or applicant has done any ofthe following:
(1)Knowingly or negligently pursued a continued course of materialmisrepresentation in matters related to real estate appraisal activity, whetheror not damage or injury resulted, or knowingly or negligently made a materialmisrepresentation or false material promise in a matter related to real estateappraisal activity, if the material misrepresentation or material false promisecreated a reasonable probability of damage or injury, whether or not damage orinjury actually resulted.
(2)Disregarded or violated a provision of ORS 674.130 or 674.150 or the federalAct or a rule adopted under ORS 674.310.
(3)Knowingly or negligently made, printed, distributed or in any manner publishedmaterially misleading or untruthful advertising, descriptions or promises, ofsuch character as reasonably to induce a person to act to the damage or injuryof the person, whether or not actual damage or injury resulted.
(4)Guaranteed, authorized or permitted a person to guarantee future profits thatmay result in the resale of real property.
(5)Failed for any reason to pay to the board the annual registry fee provided forunder ORS 674.330 (1) or the fees provided for under ORS 674.330 (2).
(6)Failed or refused upon demand by the board to produce or to supply forinspection by the board true copies of any document, book or record in theindividual’s possession or control or concerning real estate appraisal activitytransacted by the individual.
(7)Failed to maintain at all times any records that the individual is required tomaintain under ORS 674.150.
(8)Accepted employment or compensation for performing or agreeing to perform areal estate appraisal activity contingent upon the reporting of a predeterminedvalue or performed real estate appraisal activity on real estate in which theindividual had an undisclosed interest.
(9)Entered a plea of nolo contendere or been found guilty of, or been convictedof, a felony or misdemeanor substantially related to the individual’strustworthiness or competence to engage in real estate appraisal activity.
(10)Knowingly authorized, directed or aided in the publication, advertisement,distribution or circulation of a material false statement or materialmisrepresentation concerning the individual’s business.
(11)Demonstrated negligence or incompetence in performing an act for which theindividual is required to hold a certificate, license or registration.
(12)Knowingly permitted an individual whose certificate, license or registrationhas been suspended or revoked to engage in real estate appraisal activity withor on behalf of a state certified appraiser or state licensed appraiser.
(13)Committed an act or conduct, whether of the same or of a different characterspecified in this section and whether or not in the course of real estate appraisalactivity, that:
(a)Constitutes or demonstrates bad faith, incompetency or untrustworthiness, ordishonest, fraudulent or improper dealings; and
(b)Is substantially related to the fitness of the applicant or holder of acertificate, license or registration to conduct real estate appraisal activity.[1991 c.5 §12; 2001 c.332 §1; 2003 c.749 §14; 2005 c.254 §4]
674.150Maintenance of appraisal records. Every state certified appraiser andevery state licensed appraiser shall maintain records of all real estateappraisal activity conducted by the appraiser. The records shall at all timesbe open for inspection by the Appraiser Certification and Licensure Board orits duly authorized representatives. The records shall be maintained by theappraiser for a period of not less than five years after the date of completionof the appraisal to which the record pertains or for a period of not less thantwo years after final disposition of a judicial proceeding in which testimonyrelating to the records was given, whichever period expires later. [1991 c.5 §17;1995 c.234 §1; 2001 c.332 §2]
674.160Reciprocal agreements with other states; procedures. (1) If theadministrator of the Appraiser Certification and Licensure Board determinesthat the standards, qualifications and examinations for licensing, certifyingor registration of real estate appraisers of another state are substantiallysimilar to the standards, qualifications and examinations required under thischapter and the rules adopted pursuant thereto, the administrator with approvalof the Appraiser Certification and Licensure Board may enter into a reciprocalagreement with such other state to issue without examination licenses orcertificates upon proof of licensing or certification in such other state andupon payment of appropriate fees.
(2)Reciprocal agreements may be terminated by the administrator with approval ofthe Appraiser Certification and Licensure Board upon a determination that theother state is not maintaining and enforcing standards, qualifications andexaminations substantially similar to those of this state. [1993 c.465 §4]
674.170 [1993 c.465 §5;repealed by 2005 c.730 §77]
BOARD
674.305Appraiser Certification and Licensure Board; appointment; term; compensation; conductof business; rules.(1) The Appraiser Certification and Licensure Board is established. The boardshall operate as a semi-independent state agency subject to ORS 182.456 to182.472 for purposes of carrying out the provisions of this chapter. The boardshall consist of seven members. The members shall be appointed by the Governorand must be residents of this state.
(2)The board shall be composed of:
(a)Five appraisers certified or licensed under ORS 674.310;
(b)One individual who is employed by a financial institution or a mortgage banker;and
(c)One individual who is a public member and who:
(A)Is not engaged in professional real estate activity;
(B)Is not a state certified or state licensed appraiser;
(C)Is not employed by a financial institution or a mortgage banker; and
(D)Does not have a direct financial interest in any person who is required, orwhose employees or agents are required, to be state licensed or state certifiedappraisers.
(3)The term of office of each member is four years with two terms maximum, but amember serves at the pleasure of the Governor. Before the expiration of theterm of a member, the Governor shall appoint a successor whose term begins onJuly 1 next following. A member is eligible for reappointment. If there is avacancy for any cause, the Governor shall make an appointment to becomeimmediately effective for the unexpired term. A member may not be appointed toserve more than two consecutive terms on the board.
(4)The board shall select one of its members as chairperson and another as vicechairperson, for such terms and with duties and powers necessary for theperformance of the functions of such offices as the board determines.
(5)A majority of the members of the board constitutes a quorum for the transactionof business.
(6)The board shall meet at least once every three months at a place, day and hourdetermined by the board. The board also shall meet at other times and placesspecified by the call of the chairperson or of a majority of the members of theboard.
(7)In accordance with applicable provisions of ORS chapter 183, the board shalladopt rules necessary for the administration of this chapter.
{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://statutes.laws.com/test/","url":"https://statutes.laws.com/test/","name":"State Codes and Statutes - Statutes","isPartOf":{"@id":"https://statutes.laws.com/#website"},"datePublished":"2015-03-10T03:31:37+00:00","dateModified":"2019-12-27T23:25:16+00:00","breadcrumb":{"@id":"https://statutes.laws.com/test/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://statutes.laws.com/test/"]}]},{"@type":"BreadcrumbList","@id":"https://statutes.laws.com/test/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://statutes.laws.com/"},{"@type":"ListItem","position":2,"name":"State Codes and Statutes"}]},{"@type":"WebSite","@id":"https://statutes.laws.com/#website","url":"https://statutes.laws.com/","name":"Statutes","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://statutes.laws.com/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"}]}
674.405 Adjustmentsto appraisal not required based on form of conveyance
674.410 Writtenreport required to present testimony on appraisal
PENALTIES
674.850 Civilpenalties
674.990 Criminalpenalties
GENERALPROVISIONS
674.010Definitions.For purposes of this chapter:
(1)“Appraisal Foundation” means the Appraisal Foundation established on November30, 1987, as a not-for-profit corporation under the laws of Illinois.
(2)“Appraisal Subcommittee” means the Appraisal Subcommittee of the FederalFinancial Institutions Examination Council established pursuant to the federalAct.
(3)“Board” means the Appraiser Certification and Licensure Board established underORS 674.305.
(4)“Federal Act” means Title XI of the Federal Financial Institutions Reform,Recovery and Enforcement Act of 1989 (12 U.S.C. 3310 et seq.).
(a)The Board of Governors of the Federal Reserve System;
(b)The Federal Deposit Insurance Corporation;
(c)The Office of the Comptroller of the Currency;
(d)The Office of Thrift Supervision; or
(e)The National Credit Union Administration.
(6)“Federally related transaction” means any real estate-related financialtransaction that:
(a)A federal financial institution regulatory agency or the Resolution TrustCorporation engages in, contracts for or regulates; and
(b)Requires the services of an appraiser.
(7)“Financial institution” means an insured depository institution as defined insection 3 of the Federal Deposit Insurance Act or an insured credit union asdefined in section 101 of the Federal Credit Union Act.
(8)“Mortgage banker” has the meaning given that term in ORS 86A.100.
(9)“Professional real estate activity” has the meaning given that term in ORS696.010.
(10)“Real estate appraisal activity” means the activity described in ORS 674.100.
(11)“Real estate-related financial transaction” means any transaction involving:
(a)The sale, lease, purchase, investment in or exchange of real property,including interests in real property, or the financing thereof;
(b)The refinancing of real property or interests in real property; and
(c)The use of real property or interests in real property as security for a loanor investment, including mortgage-backed securities.
(12)“State certified appraiser” means an individual who has been certified as astate certified appraiser under ORS 674.310.
(13)“State licensed appraiser” means an individual who has been licensed as a statelicensed appraiser under ORS 674.310.
(14)“State registered appraiser assistant” means an individual who has beenregistered as a state registered appraiser assistant under ORS 674.310. [1991c.5 §2; 1993 c.465 §2; 1993 c.508 §41; 1993 c.744 §217; 2005 c.254 §1]
674.020Purposes.The purposes of this chapter are to:
(1)Require that all real estate appraisals be performed in accordance with uniformstandards by individuals whose competency has been demonstrated and whoseprofessional conduct will be subject to effective supervision.
(2)Conform the law of this state to the requirements of federal law.
(3)Ensure the availability of state certified appraisers, state licensedappraisers and state registered appraiser assistants for the performance ofreal estate appraisal activity, including the performance of appraisals infederally related transactions, and to ensure effective supervision of theactivities of state certified appraisers, state licensed appraisers and stateregistered appraiser assistants. [1991 c.5 §1; 1997 c.417 §1; 2005 c.254 §2]
CERTIFICATION,LICENSURE AND REGISTRATION
674.100Persons engaged in real estate appraisal activity required to be certified,licensed or registered; exclusions; violations. (1)(a) A personmay not engage in, carry on, advertise or purport to engage in or carry on realestate appraisal activity within this state without first obtainingcertification, licensure or registration as provided for in ORS 674.310.
(b)Real estate appraisal activity is the preparation, completion and issuance ofan opinion as to the value on a given date or at a given time of real propertyor an interest in real property, whether the activity is performed inconnection with a federally related transaction or is not performed inconnection with a federally related transaction. Notwithstanding any otherprovision of law, a state certified appraiser or a state licensed appraiser:
(A)Is not required to be licensed under ORS 696.022 to perform real estateappraisal activity or any other activity that constitutes the giving of anopinion as to the value of real property or an interest in real property; and
(B)Is not subject to regulation under ORS 696.010 to 696.495 and 696.600 to696.995 in connection with the performance of real estate appraisal activity orthe performance of any other activity that constitutes the giving of an opinionas to the value of real estate or an interest in real estate.
(2)Real estate appraisal activity excludes activity that is not performed inconnection with a federally related transaction and that:
(a)Is performed by a nonlicensed regular full-time employee of a single owner ofreal estate, if the activity involves the real estate of the employer and isincidental to the employee’s normal, nonreal estate activities;
(b)Is performed by a nonlicensed regular full-time employee whose activityinvolves the real estate of the employer, when the activity is the employee’sprincipal activity, but the employer’s principal activity or business is notthe appraisal of real estate;
(c)Is performed by an attorney at law rendering services in the performance ofduties as an attorney at law;
(d)Is performed by a registered geologist, registered professional engineer orarchitect rendering services as a registered geologist, registered professionalengineer or architect;
(e)Is performed by a certified public accountant rendering services as a certifiedpublic accountant;
(f)Is performed by a mortgage banker rendering services as a mortgage banker;
(g)Constitutes a letter opinion or a competitive market analysis as those termsare defined in ORS 696.010 that, by administrative or judicial order orsubpoena, is compelled from an individual licensed to engage in professionalreal estate activity under ORS 696.022;
(h)Is performed by a salaried employee of the federal government, the State ofOregon or a political subdivision of the federal government or the State ofOregon while engaged in the performance of the duties of the employee;
(i)Is limited to analyzing or advising of permissible land use alternatives, environmentalimpact, building and use permit procedures or demographic market studies, ifthe performance of the activities does not involve the rendering of an opinionas to the value of the real estate in question;
(j)Is performed by a professional forester appraising or valuing timber,timberland or both as part of services performed as a private consultant inforest management, but only if, in the case of timberland, the appraisal orvaluation is limited to the use of the land as forestland;
(k)Is limited to giving an opinion in an administrative or judicial proceedingregarding the value of real estate for taxation;
(L)Is limited to giving an opinion regarding the value of real estate by a personwho is not licensed under ORS chapter 696, if the person’s business is not theappraisal, selling or listing of real estate and the activity is performedwithout compensation. This paragraph does not apply to a person conductingtransactional negotiations on behalf of another person for transfer of an interestin real property;
(m)Is limited to transferring or acquiring an interest in real estate by a personwho is not licensed under ORS chapter 696; or
(n)Is performed by a home inspector acting within the scope of a certificate orlicense issued under ORS chapter 701.
(3)(a)Real estate appraisal activity does not include an analysis, evaluation,opinion, conclusion, notation or compilation of data prepared by a financialinstitution or affiliate, a consumer finance company licensed under ORS chapter725 or an insurance company or affiliate, made for internal use only by thefinancial institution or affiliate, consumer finance company or the insurancecompany or affiliate, concerning an interest in real estate for ownership orcollateral purposes by the financial institution or affiliate, the consumerfinance company licensed under ORS chapter 725 or the insurance company oraffiliate. Nothing in this subsection shall be construed to excuse a financialinstitution or affiliate from complying with the provisions of Title XI of thefederal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12U.S.C. 3310 et seq.).
(b)As used in this subsection, “evaluation” means a study of the nature, qualityor utility of a parcel of real estate or interests in, or aspects of, realproperty in which a value estimate is not necessarily required.
(4)(a)As used in this section, “purport to engage in or carry on real estateappraisal activity” means the display of a card, sign, advertisement or otherprinted, engraved or written instrument bearing the person’s name inconjunction with the term “appraiser,” “licensed appraiser,” “certifiedappraiser,” “appraiser assistant,” “registered appraiser assistant” or “appraisal”or an oral statement or representation of certification, licensure orregistration by the Appraiser Certification and Licensure Board made by aperson.
(b)Each display or statement described in paragraph (a) of this subsection by aperson not licensed, certified or registered by the board is a separateviolation under ORS 674.850 or 674.990.
(c)In a proceeding under ORS 674.850 or 674.990, a display or statement describedin paragraph (a) of this subsection shall be considered prima facie evidencethat the person named in the display or making the statement purports to engagein or carry on real estate appraisal activity. [1991 c.5 §3; 1993 c.465 §1;1993 c.744 §218; 1997 c.417 §2; 2001 c.196 §1; 2001 c.300 §62; 2005 c.254 §3;2007 c.319 §33]
674.105Authority of Appraiser Certification and Licensure Board to requirefingerprints.For the purpose of requesting a state or nationwide criminal records checkunder ORS 181.534, the Appraiser Certification and Licensure Board may requirethe fingerprints of a person who is applying for, or holds, a license,certificate or registration, or is applying for renewal of a license,certificate or registration, that is issued by the board, or of a person who:
(1)(a)Is employed or applying for employment by the board;
(b)Provides services or seeks to provide services to the board as a contractor,vendor or volunteer; and
(2)Is, or will be, working or providing services in a position:
(a)In which the person is providing information technology services and hascontrol over, or access to, information technology systems that would allow theperson to harm the information technology systems or the information containedin the systems;
(b)In which the person has access to information, the disclosure of which isprohibited by state or federal laws, rules or regulations or information thatis defined as confidential under state or federal laws, rules or regulations;
(c)That has payroll functions or in which the person has responsibility forreceiving, receipting or depositing money or negotiable instruments, forbilling, collections or other financial transactions or for purchasing orselling property or has access to property held in trust or to private propertyin the temporary custody of the state; or
(d)In which the person has access to personal information about employees ormembers of the public including Social Security numbers, dates of birth, driverlicense numbers, medical information, personal financial information orcriminal background information. [2005 c.730 §59]
Note: 674.105 wasenacted into law by the Legislative Assembly but was not added to or made apart of ORS chapter 674 or any series therein by legislative action. SeePreface to Oregon Revised Statutes for further explanation.
674.120Nonresident certificate or license recognized; criteria. The AppraiserCertification and Licensure Board shall recognize temporarily the certificateor license of an appraiser issued by another state if:
(1)The appraiser’s business is of a temporary nature; and
(2)The appraiser registers with the board. [1991 c.5 §8; 1993 c.465 §6]
674.130Appraisal standards for federally related transactions. Notwithstandingany other provision of law, any real estate appraisal that is performed inconnection with a federally related transaction shall be in writing and shallbe performed and completed in accordance with the appraisal standardsestablished by the federal financial institution regulatory agency havingjurisdiction over the federally related transaction for which the appraisal isperformed. In the event of any conflict between the provisions of any other lawand the appraisal standards established by the federal financial institutionregulatory agency having jurisdiction, the standards established by the federalfinancial institution regulatory agency shall prevail. [1991 c.5 §9]
674.140Grounds for discipline. The Appraiser Certification and Licensure Board maysuspend or revoke the certificate, license or registration of a state certifiedappraiser, a state licensed appraiser or a state registered appraiserassistant, reprimand a state certified appraiser, a state licensed appraiser ora state registered appraiser assistant, require additional education of a statecertified appraiser, a state licensed appraiser or a state registered appraiserassistant or deny the issuance or renewal of a certificate, license orregistration to an applicant if the state certified appraiser, state licensedappraiser or state registered appraiser assistant or applicant has done any ofthe following:
(1)Knowingly or negligently pursued a continued course of materialmisrepresentation in matters related to real estate appraisal activity, whetheror not damage or injury resulted, or knowingly or negligently made a materialmisrepresentation or false material promise in a matter related to real estateappraisal activity, if the material misrepresentation or material false promisecreated a reasonable probability of damage or injury, whether or not damage orinjury actually resulted.
(2)Disregarded or violated a provision of ORS 674.130 or 674.150 or the federalAct or a rule adopted under ORS 674.310.
(3)Knowingly or negligently made, printed, distributed or in any manner publishedmaterially misleading or untruthful advertising, descriptions or promises, ofsuch character as reasonably to induce a person to act to the damage or injuryof the person, whether or not actual damage or injury resulted.
(4)Guaranteed, authorized or permitted a person to guarantee future profits thatmay result in the resale of real property.
(5)Failed for any reason to pay to the board the annual registry fee provided forunder ORS 674.330 (1) or the fees provided for under ORS 674.330 (2).
(6)Failed or refused upon demand by the board to produce or to supply forinspection by the board true copies of any document, book or record in theindividual’s possession or control or concerning real estate appraisal activitytransacted by the individual.
(7)Failed to maintain at all times any records that the individual is required tomaintain under ORS 674.150.
(8)Accepted employment or compensation for performing or agreeing to perform areal estate appraisal activity contingent upon the reporting of a predeterminedvalue or performed real estate appraisal activity on real estate in which theindividual had an undisclosed interest.
(9)Entered a plea of nolo contendere or been found guilty of, or been convictedof, a felony or misdemeanor substantially related to the individual’strustworthiness or competence to engage in real estate appraisal activity.
(10)Knowingly authorized, directed or aided in the publication, advertisement,distribution or circulation of a material false statement or materialmisrepresentation concerning the individual’s business.
(11)Demonstrated negligence or incompetence in performing an act for which theindividual is required to hold a certificate, license or registration.
(12)Knowingly permitted an individual whose certificate, license or registrationhas been suspended or revoked to engage in real estate appraisal activity withor on behalf of a state certified appraiser or state licensed appraiser.
(13)Committed an act or conduct, whether of the same or of a different characterspecified in this section and whether or not in the course of real estate appraisalactivity, that:
(a)Constitutes or demonstrates bad faith, incompetency or untrustworthiness, ordishonest, fraudulent or improper dealings; and
(b)Is substantially related to the fitness of the applicant or holder of acertificate, license or registration to conduct real estate appraisal activity.[1991 c.5 §12; 2001 c.332 §1; 2003 c.749 §14; 2005 c.254 §4]
674.150Maintenance of appraisal records. Every state certified appraiser andevery state licensed appraiser shall maintain records of all real estateappraisal activity conducted by the appraiser. The records shall at all timesbe open for inspection by the Appraiser Certification and Licensure Board orits duly authorized representatives. The records shall be maintained by theappraiser for a period of not less than five years after the date of completionof the appraisal to which the record pertains or for a period of not less thantwo years after final disposition of a judicial proceeding in which testimonyrelating to the records was given, whichever period expires later. [1991 c.5 §17;1995 c.234 §1; 2001 c.332 §2]
674.160Reciprocal agreements with other states; procedures. (1) If theadministrator of the Appraiser Certification and Licensure Board determinesthat the standards, qualifications and examinations for licensing, certifyingor registration of real estate appraisers of another state are substantiallysimilar to the standards, qualifications and examinations required under thischapter and the rules adopted pursuant thereto, the administrator with approvalof the Appraiser Certification and Licensure Board may enter into a reciprocalagreement with such other state to issue without examination licenses orcertificates upon proof of licensing or certification in such other state andupon payment of appropriate fees.
(2)Reciprocal agreements may be terminated by the administrator with approval ofthe Appraiser Certification and Licensure Board upon a determination that theother state is not maintaining and enforcing standards, qualifications andexaminations substantially similar to those of this state. [1993 c.465 §4]
674.170 [1993 c.465 §5;repealed by 2005 c.730 §77]
BOARD
674.305Appraiser Certification and Licensure Board; appointment; term; compensation; conductof business; rules.(1) The Appraiser Certification and Licensure Board is established. The boardshall operate as a semi-independent state agency subject to ORS 182.456 to182.472 for purposes of carrying out the provisions of this chapter. The boardshall consist of seven members. The members shall be appointed by the Governorand must be residents of this state.
(2)The board shall be composed of:
(a)Five appraisers certified or licensed under ORS 674.310;
(b)One individual who is employed by a financial institution or a mortgage banker;and
(c)One individual who is a public member and who:
(A)Is not engaged in professional real estate activity;
(B)Is not a state certified or state licensed appraiser;
(C)Is not employed by a financial institution or a mortgage banker; and
(D)Does not have a direct financial interest in any person who is required, orwhose employees or agents are required, to be state licensed or state certifiedappraisers.
(3)The term of office of each member is four years with two terms maximum, but amember serves at the pleasure of the Governor. Before the expiration of theterm of a member, the Governor shall appoint a successor whose term begins onJuly 1 next following. A member is eligible for reappointment. If there is avacancy for any cause, the Governor shall make an appointment to becomeimmediately effective for the unexpired term. A member may not be appointed toserve more than two consecutive terms on the board.
(4)The board shall select one of its members as chairperson and another as vicechairperson, for such terms and with duties and powers necessary for theperformance of the functions of such offices as the board determines.
(5)A majority of the members of the board constitutes a quorum for the transactionof business.
(6)The board shall meet at least once every three months at a place, day and hourdetermined by the board. The board also shall meet at other times and placesspecified by the call of the chairperson or of a majority of the members of theboard.
(7)In accordance with applicable provisions of ORS chapter 183, the board shalladopt rules necessary for the administration of this chapter.
