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Thank The Lord, USPAP Allows Us To Die In Peace

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Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
2017-19
:
RECORD KEEPING RULE
Maintaining Records for a Deceased Appraiser

Question:
I have worked with another appraiser for many years, starting with simply sharing office
space and most recently as members of a limited liability company (LLC). Unfortunately,
this appraiser recently passed away unexpectedly. All of our appraisal assignments were
performed independently, so I never signed certifications for any of his appraisal reports.
Am I required to maintain his records in accordance with the record keeping requirements
in USPAP?

Response:
No. USPAP places the record keeping obligations on the appraiser, not the appraiser’s firm, family, or other party.
Therefore, the obligation to comply with the RECORD KEEPING
RULE in USPAP ceases to apply if an appraiser is no longer living.
Some business associates or family members may be required to maintain a deceased
appraiser’s workfiles for other reasons, but there is no such requirement in USPAP.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Well, as was said in the TN board meeting.....(paraphrased) "The ASC exemption allows anybody to do an appraisal, but if an appraiser stubs his toe on the doorway, he gets a 6 month suspension and a $4000 fine. "
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I found that part the more amusing...for sure. TN knows how to make money. Our board had to pay an appraiser $4000 once to settle a suit...funny how that happens. The man who sued is on the board now.
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
So, that freezer full of frozen peas is obsolete now?
I was hoping to rest in peas. :leeann: :leeann2:
 

EddieB

Elite Member
Joined
Feb 17, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
My wife will be glad to hear this..... Maybe I shouldn't tell her. Knowing the obligation is not necessary might just be enough tilt the scales.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
2017-19
:
RECORD KEEPING RULE
Maintaining Records for a Deceased Appraiser

Question:
I have worked with another appraiser for many years, starting with simply sharing office
space and most recently as members of a limited liability company (LLC). Unfortunately,
this appraiser recently passed away unexpectedly. All of our appraisal assignments were
performed independently, so I never signed certifications for any of his appraisal reports.
Am I required to maintain his records in accordance with the record keeping requirements
in USPAP?

Response:
No. USPAP places the record keeping obligations on the appraiser, not the appraiser’s firm, family, or other party.
Therefore, the obligation to comply with the RECORD KEEPING
RULE in USPAP ceases to apply if an appraiser is no longer living.
Some business associates or family members may be required to maintain a deceased
appraiser’s workfiles for other reasons, but there is no such requirement in USPAP.

Don't want this to get lost. This dovetails with Terell and my position that when one is no longer an appraiser one no longer needs file retention.
 

reviewbe

Sophomore Member
Joined
Oct 4, 2016
Professional Status
Certified General Appraiser
State
California
Well, the penalty for not keeping your records is that the state might take away your license, maybe impose a fine that you would have to pay if you ever wanted to re-instate. If no longer an appraiser, then those penalties may not mean much. If you are dead, probably wouldn't worry about it at all.

Absent some reason for keeping them, other than USPAP, I'd tell the widow to pour some lighter fluid on those files and torch them if she wants (safely, of course), or haul them to the dump.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
In California If I had a partner who died and it was a LLC or Corporation I would retain his records because companies that have dissolved or gone bankrupt can still have claims brought against them? What about actions against the dearly departed? While it may seem counter-intuitive to sue a dissolved corporation or a deceased individual (hearken back to the proverbial phrase ) you can’t squeeze blood from a turnip”), claims against such entities are viable under California law.
 
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