Or. Admin. Code § 161-540-0010

Current through Register Vol. 64, No. 1, January 1, 2025

Section 161-540-0010 - Training

(1) Appraisal management companies must provide specified training to employees who:

(a) Select appraisers for an appraiser panel;

(b) Select appraisers to perform real estate appraisal activity; or

(c) Perform quality control examinations.

(2) The specified training must include, but is not limited to the following topics:

(a) ORS 674.220, 674.225, 674.230, and 674.240; and

(b) The Uniform Standards of Professional Appraisal Practice (USPAP). This topic may be broad in scope, but must at a minimum include the following elements:

(A) Preamble;

(B) Definitions;

(C) Ethics Rule;

(D) Record Keeping Rule;

(E) Competency Rule;

(F) Scope of Work Rule;

(G) Standard 1;

(H) Standard 2;

(I) Standard 3;

(J) Standard 4;

(K) Advisory Opinion 3, Update of a Prior Appraisal;

(L) Advisory Opinion 21, USPAP Compliance;

(M) Advisory Opinion 26, Readdressing (Transferring) a Report to Another Party; and

(N) Advisory Opinion 27, Appraising the Same Property for a New Client.

(3) Appraisal management companies shall provide the specified training to all employees specified in paragraph (1) above:

(a) By December 31, 2012 for all appraisal management companies registered with the State of Oregon prior to July 1, 2012;

(b) Within six months for all appraisal management companies registering with the State of Oregon after July 1, 2012;

(c) For any new employees within six months from the hire date with the appraisal management company.

(4) Appraisal management companies must maintain the training records for each employee and training material, as specified in paragraphs (1) and (2) above, not less than five years after the date of completion of the training. Employee training records must include:

(a) The name of the employee;

(b) Topics covered;

(c) Date of completion; and

(d) Method of delivery of training.

Or. Admin. Code § 161-540-0010

ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12; ACLB 5-2021, amend filed 12/28/2021, effective 1/1/2022

Statutory/Other Authority: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447

Statutes/Other Implemented: ORS 674.310 & 2011 OL Ch. 447