Retention Period For Appraisal Reports

Discussion in 'Running an Appraisal Business' started by Lourdes Harrison, Sep 1, 2005.

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  1. Lourdes Harrison

    Lourdes Harrison New Member

    0
    Jun 22, 2005
    Does anyone know the retention period for Appraisal Reports in the State of Florida?

    Thank you,
    Lourdes
     
  2. Ryan Nyberg

    Ryan Nyberg Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Washington
    Probably the same as it is in USPAP. Unless Florida upped the standard.
     
  3. Francois K. Gregoire

    Francois K. Gregoire Senior Member

    0
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Lourdes,

    Florida law reiterates the requirements of the USPAP.

    Note the section above, and the USPAP, requires more than merely the appraisal report. An appraiser must retain a workfile. Keep in mind retention of the workfile is for the appraiser's benefit. It provides support and justification for the appraiser's opinions and conclusions.
     
  4. Lourdes Harrison

    Lourdes Harrison New Member

    0
    Jun 22, 2005
    Thank you everyone for your help. I appreciate it.
    I read the USPAP but I have another question. Is it possible to have the documentation (workfile) scanned and retained electronically? Is anyone doing this? And if you are, can I have the name of a scanning company in the Ft Lauderdale-Miami Area.

    Thank you,
    Lourdes
     
  5. David Bodtcher

    David Bodtcher Junior Member

    0
    Oct 18, 2002
    Professional Status:
    Appraiser Trainee
    State:
    Utah
    If it's possible to have an electronic signature, I don't see why it wouldn't be ok to keep files/reports electronicaly. I do it with my appraisals (I keep the research papers in a file (paper form), but the appraisal i keep keep on the computer & back up on dvd every once in a while).
     
  6. Ryan Nyberg

    Ryan Nyberg Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Washington
    Possible but remember you have to retain the ability to view and print the workfile.
     
  7. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Tom McSherry is doing it to cd's. The ASB has also ruled, to my understanding, that an electronic file is adequate to abide by the retention rules that Frank quoted above. As far as a company to scan it for you.........Pull USPAP and read the confidentiality section. I may be wrong, but I think I'd do my own scanning.
     
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