Pennsylvania Code
Title 49 - PROFESSIONAL AND VOCATIONAL STANDARDS
Part I - DEPARTMENT OF STATE
Subpart A - PROFESSIONAL AND OCCUPATIONAL AFFAIRS
Chapter 36 - STATE BOARD OF CERTIFIED REAL ESTATE APPRAISERS
Subchapter E - APPRAISAL MANAGEMENT COMPANIES
STANDARDS OF PRACTICE
Section 36.435 - Recordkeeping
Universal Citation: 49 PA Code ยง 36.435
Current through Register Vol. 54, No. 44, November 2, 2024
(a) Each appraisal management company shall maintain all of the following records:
(1) A record of each assignment that it has
ordered for appraisal of real property located in this Commonwealth, including:
(i) The order between the appraisal
management company and the appraiser.
(ii) Each appraisal report received from an
appraiser, including the original report, revised reports, and addenda or other
materials furnished subsequent to the delivery of the original
report.
(iii) Written
communications between the appraiser and the appraisal management company and
any other entity involved in the transaction.
(iv) The order engaging another appraiser for
the purpose of reviewing the appraisal.
(v) A review of the appraisal performed,
including any data supporting the selection of the appraisal for review, the
original review report, subsequent correspondence between the reviewer and
appraisal management company, and each subsequent revised review
report.
(vi) Written communications
related to obligations under AMCRA or this subchapter between the appraisal
management company and its client, including documents supplied to that
client.
(vii) A record of fees
disbursed to contracted appraisers and the fee received by the appraisal
management company from the appraisal management company's client.
(2) Appraiser fee schedules,
including:
(i) Fees paid for a defined
service.
(ii) Documentation to
support that the fee schedule is customary and reasonable and complies with
provisions of TILA that relate to appraisal standards or appraisal management
services.
(iii) Payment policies,
including time for payment of appraisal fees.
(iv) Effective dates of the
schedules.
(3) Panels of
appraisers used for assignments in this Commonwealth, including:
(i) The name of each appraiser.
(ii) The appraiser's certificate
number.
(iii) The date the
appraiser was placed on the panel.
(iv) The region or area in which the
appraiser's service may be used.
(v) The date and reason for removal, if the
appraiser is removed from the panel.
(b) An appraisal management company shall maintain the records in subsection (a)(1) for 5 years beginning on the latest of the following:
(1) The date of final action
of the assignment.
(2) The date of
final disposition of the proceeding, if the appraisal management company is
notified that the transaction is the subject of a court proceeding or an
administrative proceeding by the Board.
(c) An appraisal management company shall produce for inspection and copying by the Board within 30 days its books and records, including any record required to be maintained by AMCRA or this subchapter.
This section cited in 49 Pa. Code § 36.404 (relating to content of application).
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