Section 12 AAC 70.940 - Retention of records(a) An appraiser must prepare a work file for each appraisal, appraisal review, or appraisal consulting assignment. A work file must be in existence before the issuance of a written or oral report. A written summary of an oral report must be added to the work file within a reasonable time after the issuance of the oral report.(b) The work file must include (1) the name of the client and the identity, by name or type, of any other intended users;(2) true copies of any written reports, documented on a type of media; a photocopy or an electronic copy of the entire signed report transmitted to the client satisfies the requirements of a true copy;(3) summaries of any oral reports or testimony, or transcripts of testimony, including the appraiser's signed and dated certification; and(4) all other data, information, and documentation necessary to support the appraiser's opinions and conclusions and to show compliance with USPAP, or reference to the locations of the documentation.(c) An appraiser must retain the work file for a period of at least five years after preparation or at least three years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the assignment, whichever period expires later.(d) An appraiser must have custody of the appraiser's work file, or make appropriate work file retention, access, and retrieval arrangements with the party having custody of the work file.(e) An appraiser having custody of a work file must allow other appraisers with work file obligations related to an assignment appropriate access and retrieval for the purpose of (1) submission to state appraiser regulatory agencies;(2) compliance with due process of law;(3) submission to a duly authorized professional peer review committee; or(4) compliance with retrieval arrangements.Eff. 9/14/2012, Register 203Authority:AS 08.87.020
AS 08.87.300