Appraisal Reports Requirements

(a) At a minimum, an appraisal report must conform to Uniform Standards of Professional Appraisal Practice (USPAP-current version) and must be in writing. Future revisions in the Standards shall take effect immediately. (b) An appraisal reporting an estimated value shall be supported with written documentation or written memoranda in compliance with USPAP (current version). (c) Certification. Each appraisal report must contain a certification by the appraiser in compliance with USPAP (current version). (d) A copy of each appraisal and the data and reasoning supporting the value conclusion of each appraisal shall be retained by the appraiser for not less than five (5) years. In the case of litigation, appraisals must be retained not less than two (2) years after the case is finally adjudicated and all appeals exhausted. SOURCE: Added by P.L. 21-28:11. Amended by P.L. 27-115:14.