Current through Register Vol. 18, September 20, 2024
(1) In addition to
the requirements of
37-54-513, MCA, the
following documentation must be kept and made available to the board or its
designee for audit purposes upon request:
(a)
a complete original locked (PDF) version of the appraisals assigned;
(b) documentation of all alterations of the
appraisal report pursuant to
37-54-516,
MCA, which must be kept with the originally submitted appraisal report;
(c) documentation of proof of
payment in accordance with
37-54-515,
MCA;
(d) a list of all appraisal
panel members, including dates the panel members were added or
deleted;
(e) a list of all
engagements, including the name of requesting entity, the appraiser assigned,
and the dates assigned and completed. If use of trainees or interoffice
transfers is restricted, then the AMC's client or end-user policy must be
attached to the engagement letter or contract for services;
(f) a list indicating the number of
engagements per panel member on a yearly basis;
(g) copies of all contracts/agreements with
appraisal panel members;
(h)
documentation of qualifications and ownership of the appraisal management
company;
(i) verifications of
licensure or certification for all appraisal panel members, controlling
persons, contact individuals, and any employees who are responsible for
ordering appraisals, providing quality control examinations, or communicating
with appraisers and independent contractors who perform appraisal reviews for
property located in the state of Montana;
(j) documentation of all quality control
examinations conducted for each completed engagement; and
(k) documentation of the annual appraisal
reviews of all the panel appraisers who performed appraisal assignments for the
appraisal management company, on a periodic basis to verify appraisal
assignments are being conducted in accordance with the USPAP.
(2) All documentation and record
keeping must be kept in a tamper-proof, secure location for a minimum of five
full years following the completion of the engagement or document.
AUTH:
37-1-131,
37-54-105,
MCA; IMP:
37-1-131,
37-54-501,
37-54-503,
37-54-504,
37-54-505,
37-54-506,
37-54-508,
37-54-509,
37-54-510,
37-54-511,
37-54-512,
37-54-513,
37-54-515,
37-54-516,
MCA
