Minnesota Statutes 82C.13 – Record Keeping
Current as of: 2023 | Check for updates
|
Other versions
An appraisal management company must maintain a detailed record of each service request that it receives and the employee appraiser or independent appraiser that performs the appraisal assignment for the appraisal management company.
Terms Used In Minnesota Statutes 82C.13
- Appraisal: A determination of property value.
- Appraisal assignment: means an engagement for which an appraiser is retained to act, as a disinterested third party in giving an unbiased analysis, opinion, or conclusion relating to the nature, quality, value, or utility of named interests in, or aspects of, identified real estate. See Minnesota Statutes 82C.02
- Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity that directly or indirectly performs the following appraisal management services:
(1) within a given 12-month period, as defined in section 82C. See Minnesota Statutes 82C.02
- Appraiser: means a person who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective, and who is licensed under chapter 82B. See Minnesota Statutes 82C.02
- Employee: means an individual who is treated as an employee for purposes of compliance with federal income tax laws. See Minnesota Statutes 82C.02
Records must be kept for a period of at least five years after the appraisal assignment request is sent to the independent appraiser or completion of the appraisal report, whichever period expires later.