New Sc Law - Record Keeping

[DWiley]

The recently enacted SC AMC law has a provision that affects appraisers' record keeping requirements. Most know that workfiles must be retained for 5 years, or 2 years after one provides testimony related to the assignment, whichever expires last. The new law expands this by adding that workfiles must also be kept for 2 years after the AMC provides testimony related to the assignment as well. Expect AMCs to be contacting in some manner about this. I am posting here, just in case you have not heard about this new requirement.

 

[gregb]

The recently enacted SC AMC law has a provision that affects appraisers' record keeping requirements. Most know that workfile smust be retained for 5 years, or 2 years after one provides testimony related to the assignment, whichever expires last. The new law expats this by adding that file smust also be kept for 2 years after the AMC provides testimony related to the assignment as well. Expect AMCs to be contacting in some manner about this. I am posting here, just in case you have not heard about this new requirement.

Thanks. Another reason for SC appraisers to avoid AMC assignments, like one more reason is needed.

 

[JTip]

2 years x $5 per report = $10 additional record keeping fee

Time to raise your fees all y'all SC appraisers.

 

[hastalavista]

Sounds like a logistical nightmare for appraiser and AMC.

Without getting into the nuts and bolts, I'm unclear in what circumstances an AMC would be testifying about an appraisal where the AMC's testimony is related to the development and support of the appraisal that is the subject of the new law?
It would seem to me that to delve into that component (development and reporting contained within the appraisal) the appraiser would need to be on the stand.

 

[CindyR]

could be kind of interesting as the AMC will need to advise the appraiser whenever said AMC is involved in a lawsuit involving them

 

[DWiley]

Yes, that

could be kind of interesting as the AMC will need to advise the appraiser whenever said AMC is involved in a lawsuit involving them

Yes, that is correct. In the 5.5 years that I have worked with an AMC I am not aware of any such case. So, to me, it seems like a bit of an odd requirement, but it is the law in SC. . And the requirement is in the AMC law rather than the appraisal law. That is why I posted about it. Many may not be aware.

 

[timd354]

Yes, that

Yes, that is correct. In the 5.5 years that I have worked with an AMC I am not aware of any such case. So, to me, it seems like a bit of an odd requirement, but it is the law in SC. . And the requirement is in the AMC law rather than the appraisal law. That is why I posted about it. Many may not be aware.

Unless an AMC informs an appraiser of any such testimony the AMC, the appraiser is unlikely to know about it, unless the appraiser is also involved in the same legal action

 

[Eli]

From an old awesome appraiser that I worked with,

Quote: " if you are going to have problems, it will usually happen within 3 years".

Where in the H E double toothpick he got that from I will never know but he was an awesome appraiser.

He was strictly commercial too. We went to San Antonio and a few other places together. We road the boat on the riverwalk. He was special.

Point is it will happen within about 3 years. In memory of Brian I will start a new thread.

 

[Mr Rex]

Another reason for not working with the likes of Coester?