A. A state-licensed or state-certified appraiser shall retain a work file for at least five years after preparation of the work file or at least two years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the work file, whichever period of time is greater.
Terms Used In Arizona Laws 32-3637
- Appraisal: A determination of property value.
- State-licensed or state-certified appraiser: means a person who develops and communicates appraisals and who holds a current, valid license or certificate issued under this chapter. See Arizona Laws 32-3601
- Superintendent: means the superintendent of financial institutions. See Arizona Laws 32-3601
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
B. A state-licensed or state-certified appraiser shall do either of the following:
1. Have custody of the appraiser’s work file.
2. Make appropriate work file retention, access and retrieval arrangements with the party having custody of the work file.
C. The superintendent may inspect all records required to be maintained under this chapter by the state-licensed or state-certified appraiser on reasonable notice to the appraiser.
D. For the purposes of this section, "work file" includes documentation that is necessary to support an appraiser’s analyses, opinions and conclusions and that demonstrates compliance with the uniform standards of professional appraisal practice.