“Appraisal firm” means a person, limited-liability company, partnership, association or corporation:
1. Which, for compensation, prepares and communicates appraisals;
2. Whose principal is an appraiser licensed pursuant to this chapter; and
3. Whose principal supervises, trains and reviews work product produced by the persons who produce appraisals for the person, limited-liability company, partnership, association or corporation, including, without limitation, employees and independent contractors.