Originally posted by Lourdes Harrison@Sep 1 2005, 12:47 PM
Does anyone know the retention period for Appraisal Reports in the State of Florida?
Florida law reiterates the requirements of the USPAP.
475.629 Retention of records.--An appraiser registered, licensed, or certified under this part shall retain, for at least 5 years, original or true copies of any contracts engaging the appraiser's services, appraisal reports, and supporting data assembled and formulated by the appraiser in preparing appraisal reports. The period for retention of the records applicable to each engagement of the services of the appraiser runs from the date of the submission of the appraisal report to the client. These records must be made available by the appraiser for inspection and copying by the department on reasonable notice to the appraiser. If an appraisal has been the subject of or has served as evidence for litigation, reports and records must be retained for at least 2 years after the trial.
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.