How long must an appraiser retain documentation for appraisal assignments?

An appraiser must retain documentation for appraisal assignments for a minimum of five years. This requirement is in place to ensure that there is a clear, documented history of the appraisal process, methodologies used, and the final assessment. Keeping records for this duration helps maintain accountability and transparency within the real estate industry, allowing for review if questions arise about the valuation or if there are disputes.

It is important for appraisers to adhere to this retention period as it aligns with the regulations set forth by governing bodies in the industry. Such standards not only serve to protect the interests of clients and stakeholders but also uphold the credibility and integrity of the appraisal profession. By retaining documentation for five years, appraisers can securely reference their work if necessary, ensuring that they comply with industry standards and can substantiate their findings.