OAR 161-560-0020: Audit Standards

An audit under OAR 161-560-0010 will examine the appraisal management company’s compliance with ORS 674.200 to 674.250, including, but not limited to, examination of the following: (1) The appraisal management company’s compliance with the minimum requirements in OAR 161-520-0020 regarding appraiser competency. (2) The names, license or certification numbers, and competency information required by OAR 161-520-0020 of the Oregon licensed or certified appraisers on the appraisal management company’s appraiser panel. (3) Training materials used by the appraisal management company to satisfy OAR 161-540-0010. (4) Records of employees who received training as required by OAR 161-540-0010. (5) The appraisal management company’s record retention schedule, consistent with ORS 674.150 and OAR 161-550-0020. (6) The appraisal management company’s business practices and transactions that may indicate: (a) The appraisal management company attempted to influence the development, reporting or review of an appraisal or appraisal review assignment, consistent with the prohibitions established in ORS 674.220. (b) The appraisal management company substantively altered in any way a completed appraisal report submitted by an appraiser, consistent with the prohibition established in ORS 674.220. (c) The appraisal management company failed to make payments to an independent contractor appraiser for the completion of an appraisal or appraisal review, excluding claims for breach of contract or substandard performance, as established in ORS 674.225. (d) The appraisal management company violated any other provision established in ORS 674.200 to 674.250 or OAR chapter 161.