20:14:14:06Record-keeping

requirement for an evaluation. An appraiser performing an evaluation must prepare a workfile for each evaluation that includes the following: (1) The name of the client; (2) A copy of the evaluation; and (3) The data, information or documentation that supports the evaluation. The evaluation workfile must be retained by the appraiser for five years from the date of the submittal of the evaluation to the client unless the evaluation is subjected to an investigation, litigation, or state or federal review during the five-year period. The records of an evaluation that is subjected to an investigation, litigation, or state or federal review must be retained for five years from the date of final disposition of the investigation, litigation, or state or federal review.

Source: 47 SDR 71, effective December 14, 2020.