Subdivision 1. Examination of records. The commissioner may make examinations within or without this state of each real estate appraiser's records at such reasonable time and in such scope as is necessary to enforce the provisions of this chapter.
Subd. 2. Retention. Licensees shall keep a separate work file for each appraisal assignment, which is to include copies of all contracts engaging his or her services for the real estate appraisal, appraisal reports, and all data, information, and documentation assembled and formulated by the appraiser to support the appraiser's opinions and conclusions and to show compliance with USPAP, for a period of five years after preparation, or at least two years after final disposition of any judicial proceedings in which the appraiser provided testimony or was the subject of litigation related to the assignment, whichever period expires last. Appropriate work file access and retrieval arrangements must be made between any trainee and supervising appraiser if only one party maintains custody of the work file.
2009 c 178 art 1 s 51
Structure Minnesota Statutes
Chapters 82 - 83 — Real Estate Sales Regulations
Chapter 82B — Real Estate Appraisers
Section 82B.021 — Definitions.
Section 82B.03 — Prohibitions.
Section 82B.04 — Responsibility For Agents.
Section 82B.07 — Powers Of The Commissioner.
Section 82B.072 — Formal Complaints.
Section 82B.073 — Real Estate Appraisal Advisory Board.
Section 82B.08 — Licensing Requirements.
Section 82B.093 — Trainee Real Property Appraiser.
Section 82B.094 — Supervision Of Trainee Real Property Appraisers.
Section 82B.095 — Appraiser Qualification Components.
Section 82B.105 — Reciprocity.
Section 82B.11 — Classes Of License.
Section 82B.13 — Education Prerequisites.
Section 82B.135 — Course Completion Certifications For Real Estate Appraiser License.
Section 82B.15 — Nonresident Service Of Process.
Section 82B.16 — Principal Place Of Business And Notice.
Section 82B.17 — License Designation.
Section 82B.19 — Continuing Education.
Section 82B.195 — Standards Of Conduct.
Section 82B.20 — Prohibited Practices.
Section 82B.201 — Criminal Penalty.
Section 82B.21 — Classification Of Services.
Section 82B.22 — Contingent Fees.
Section 82B.23 — Federal Certification.