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(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. 

History: 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; NEW, 2011 MAR p. 2401, Eff. 11/11/11; AMD, 2014 MAR p. 3064, Eff. 12/25/14; AMD, 2016 MAR p. 217, Eff. 2/6/16.

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