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Old 09-01-2005, 12:47 PM
Lourdes Harrison Lourdes Harrison is offline
 
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Does anyone know the retention period for Appraisal Reports in the State of Florida?

Thank you,
Lourdes
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Old 09-01-2005, 01:21 PM
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Ryan Nyberg Ryan Nyberg is offline
 
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Probably the same as it is in USPAP. Unless Florida upped the standard.
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Old 09-01-2005, 05:03 PM
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Francois K. Gregoire Francois K. Gregoire is offline
 
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Quote:
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?

Thank you,
Lourdes
Lourdes,

Florida law reiterates the requirements of the USPAP.

Quote:
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.
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Old 09-02-2005, 08:51 AM
Lourdes Harrison Lourdes Harrison is offline
 
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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
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Old 09-02-2005, 02:56 PM
David Bodtcher David Bodtcher is offline
 
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Quote:
Is it possible to have the documentation (workfile) scanned and retained electronically?
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).
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Old 09-02-2005, 05:00 PM
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Ryan Nyberg Ryan Nyberg is offline
 
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Quote:
Is it possible to have the documentation (workfile) scanned and retained electronically?
Possible but remember you have to retain the ability to view and print the workfile.
  #7  
Old 09-03-2005, 09:05 AM
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Otis Key Otis Key is offline
 
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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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