Florida Statutes 475.629 – Retention of records
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Terms Used In Florida Statutes 475.629
- Appraisal: A determination of property value.
- Appraisal management company: means a person who, within a 12-month period, oversees an appraiser panel of more than 15 state-certified or state-licensed appraisers in a state, or 25 or more state-certified or state-licensed appraisers in two or more states, and who performs appraisal management services regardless of the use of the term "appraisal management company" "appraiser cooperative" "appraiser portal" "mortgage technology company" or other term. See Florida Statutes 475.611
- Appraisal management services: means the coordination or management of appraisal services for compensation by:1. See Florida Statutes 475.611
- Appraisal report: means any communication, written or oral, of an appraisal, appraisal review, appraisal consulting service, analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in, or aspect of, identified real property, and includes any report communicating an appraisal analysis, opinion, or conclusion of value, regardless of title. See Florida Statutes 475.611
- Appraisal review: means the act or process of developing and communicating an opinion about the quality of another appraiser's appraisal, appraisal report, or work. See Florida Statutes 475.611
- Appraiser: means any person who is a registered trainee real estate appraiser, a licensed real estate appraiser, or a certified real estate appraiser. See Florida Statutes 475.611
- Board: means the Florida Real Estate Appraisal Board established under…. See Florida Statutes 475.611
- Client: means a person who contracts with an appraiser or appraisal management company for the performance of appraisal services. See Florida Statutes 475.611
- Department: means the Department of Business and Professional Regulation. See Florida Statutes 475.611
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- foundation: means The Appraisal Foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois. See Florida Statutes 475.611
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Order file: means the documentation necessary to support the performance of appraisal management services. See Florida Statutes 475.611
- real estate: means any interest or estate in land and any interest in business enterprises or business opportunities, including any assignment, leasehold, subleasehold, or mineral right; however, the term does not include any cemetery lot or right of burial in any cemetery; nor does the term include the renting of a mobile home lot or recreational vehicle lot in a mobile home park or travel park. See Florida Statutes 475.01
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
- Uniform Standards of Professional Appraisal Practice: means the most recent standards approved and adopted by the Appraisal Standards Board of The Appraisal Foundation. See Florida Statutes 475.611
- Work file: means the documentation necessary to support an appraiser's analysis, opinions, and conclusions. See Florida Statutes 475.611
An appraiser registered, licensed, or certified under this part shall prepare and retain a work file for each appraisal, appraisal review, or appraisal consulting assignment. An appraisal management company registered under this part shall prepare and retain an order file for each appraisal, appraisal review, or appraisal consulting assignment. The work file and the order file shall be retained for 5 years or the period specified in the Uniform Standards of Professional Appraisal Practice, whichever is greater. The work file must contain original or true copies of any contracts engaging the appraiser’s or appraisal management company’s services, appraisal reports, and supporting data assembled and formulated by the appraiser or company in preparing appraisal reports or engaging in appraisal management services and all other data, information, and documentation required by the standards for the development or communication of a real estate appraisal as approved and adopted by the Appraisal Standards Board of The Appraisal Foundation, as established by rule of the board. The order file must contain original or true copies of any contracts engaging the appraiser’s services, the appraisal reports, any engagement materials or instructions from the client, and all other documents required by the standards for the development or communication of a real estate appraisal as approved and adopted by the Appraisal Standards Board of The Appraisal Foundation, as established by rule of the board. Notwithstanding the foregoing, while general contracts and materials pertaining to impaneling of an appraiser by an appraisal management company shall be retained under this section, such contracts and materials are not required to be maintained within the order file. Except as otherwise specified in the Uniform Standards of Professional Appraisal Practice, the period for retention of the records applicable to each engagement of the services of the appraiser or appraisal management company runs from the date of the submission of the appraisal report to the client. Appraisal management companies shall also retain the company accounts, correspondence, memoranda, papers, books, and other records in accordance with administrative rules adopted by the board. These records must be made available by the appraiser or appraisal management company for inspection and copying by the department upon reasonable notice to the appraiser or company. 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 or the period specified in the Uniform Standards of Professional Appraisal Practice, whichever is greater.