South Carolina Code 40-60-420. Record-keeping requirements for registration renewal
Current as of: 2023 | Check for updates
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An appraisal management company seeking to be registered shall certify to the board, at each renewal, that it:
(1) maintains a detailed record of each service request that it receives;
Terms Used In South Carolina Code 40-60-420
- Appraisal: A determination of property value.
- appraisal: means of or pertaining to appraising and related functions including, but not limited to, appraisal practice and appraisal services. See South Carolina Code 40-60-20
- Appraiser: means a person who holds a permit, license, or certification issued by the board that allows the person to appraise real property. See South Carolina Code 40-60-20
- Board: means the South Carolina Real Estate Appraisers Board established pursuant to the provisions of this chapter. See South Carolina Code 40-60-20
- Real estate: means an identified parcel or tract of land including improvements, if any. See South Carolina Code 40-60-20
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
(2) has a policy that requires a certified or licensed appraiser who is an independent contractor and who performs a real estate appraisal service for the appraisal management company to maintain those records, including, but not limited to, the work file, for at least the later of:
(a) five years after preparation; or
(b) two years after final disposition of a judicial proceeding in which the appraiser or the appraisal management company provided testimony related to the assignment.