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OakCrest Appraisal Academy More Q&A

Q. Who can do a review on my appraisal?
Any AMC employee or independent contractor that reviews Oklahoma property MUST be an Oklahoma credentialed appraiser.
(§ 858-813)

Q. Can an AMC file a complaint or grievance?
Yep, they are required to report to the OREAB any appraisal found to be substantially noncompliant with USPAP.
(§ 858-816)

Q. Can I list my appraisal fee in the appraisal? Some AMC's require I not include my fee as part of the report.
Yes. An AMC can not prohibit an appraiser from listing the fee he receives from the AMC in the appraisal.
(§ 858-818)

Q. What happens if an AMC threatens to cut me off?
AMC's are prohibited from that. They can ask for additional information or ask you to make a correction, but beyond that they are prohibited from pressuring you or trying to influence you.
(§ 858-819)

Q. Can they make me do an appraisal I don't feel qualified to do?
No.
(§ 858-820)

Q. Can they require me to have a 24 hour turn time?
No. The appraiser sets his own time frame.
(§ 858-820)

Q. Can they tell me not to talk to the owner or the lender or anyone else?
No. If you feel it is necessary to talk to someone, do it.
(§ 858-820)

Q. Do they have to pay me promptly?
Yes. They have to pay within 60 days of you sending them the appraisal.
(§ 858-821)

Q. Can an AMC alter the appraisal?
No
(§ 858-822)

Q. Do I have to give the AMC a copy of my signature?
No
(§ 858-822)

Q. How do I know if an AMC is registered with OREAB?
OREAB will maintain a list of registered AMC's on its website and the registration number must appear on any order or letter of engagement.
(§ 858-823)

Q. Can an AMC remove me from their list of approved appraisers?
Not after 30 days. The AMC must provide notice if they do it after that detailing allegations of fact and alleged violations of standards or laws.
(§ 858-824)

Q. What are my options if they do?
You can appeal to the OREAB.
(§ 858-824)

Q. If I win the appeal, what happens?
They reinstate you on their panel and not "punish" you by withholding orders or taking you out of their normal rotation.
(§ 858-824)

Q. If they don't, what happens?
They can have their license to work in Oklahoma revoked.
(§ 858-827)

Q. When does this come into effect?
January 1, 2011

http://www.ok.gov/oid/documents/100114%20HB%202772%20as%20introduced.pdf

     

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