Opinions on : Proper Procedure to Quit.

[Terrel L. Shields]

An appraiser must retain the workfile for a period of at least five years

After you surrender your license you are NOT AN APPRAISER....

Again, what is the penalty? Zero. Nada. They cannot take away a license you don't have. We have an annual "Day with the Appraisers" sponsored by the state and that was explicitly answered. You don't need to keep them for the sake of USPAP. You are no longer bound by USPAP. HOWEVER, you have some obligation to privacy regarding those under the GLB Privacy Act (you shouldn't just hand them out to the public.) You might want to keep them in case you are subpoenaed but even then I will take my chances. Those records are toast the day after my license expire.

 

[Alamo Cowboy]

I beg to differ,

See below:

Hi,

Our document retention guidelines state four years. You can dispose of any records after retaining them for this amount of time.

Best Regards,

Mike Rall
Customer Service Representative
Texas Real Estate Commission
Texas Appraiser Licensing & Certification Board
(512) 936-3000 or (512) 936-3001

Excellent customer service is our goal. Please offer your feedback.

Help us better serve you by submitting the customer service survey located on our website at https://www.trec.texas.gov/customer-satisfaction-survey.

 

[Terrel L. Shields]

Our document retention guidelines state four years.

That must be a state guideline. So what is the penalty if you have no license?

 

[Alamo Cowboy]

That must be a state guideline. So what is the penalty if you have no license?

Personal liability for gross negligence, fraud, omission, etc. - not your appraisal license. Check it out yourself with your own lawyer.

 

[CCAAMO]

Anyone know how much the premium is for tail end coverage?

 

[Alamo Cowboy]

Anyone know how much the premium is for tail end coverage?

My fee for a tail policy was the same as I paid for my yearly policy the year prior to my retirement. I retired in '18 so things might have changed.

 

[CCAAMO]

that was for one year?. If you had three years prior would it three times the amount of the one year or is there a discount?

 

[Alamo Cowboy]

that was for one year?. If you had three years prior would it three times the amount of the one year or is there a discount?

My E & O company didn't offer any discounts. It was my prior yearly E & O fee for a one year tail policy, 2 x this fee for 2 yr tail policy, 3 x this fee for a 3 yr tail policy etc.
I just went with a 1 year tail policy.

 

[Terrel L. Shields]

Check it out yourself with your own lawyer.

How about the state agency that told us we have no obligations to the license after we retire?

The fact you can be subpoenaed as a witness over an appraisal you did last year or for that matter 20 years ago has nothing to do with the record keeping requirement of USPAP. Without a license you have no liability to USPAP nor a licensing agency.

 

[jay trotta]

check with your E&O insurer for tail end coverage