How long must appraisals be kept according to regulations?

The requirement for maintaining appraisals is typically set at a minimum retention period of two years. This timeframe allows for adequate record-keeping and ensures that appraisals can be reviewed for compliance and quality assurance if needed. This duration aligns with various regulatory standards in the industry that demand a reasonable timeframe for retaining documentation to support the appraisal process and decisions. Maintaining appraisals for two years provides a safeguard for auditing purposes and protects the interests of both the parties involved in the transaction and the appraisal profession itself.

Other timeframes, such as one year or longer durations like three or five years, are not universally required by appraisal regulations, making the two-year retention period the standard in many contexts. It's essential to be aware of this timeline to ensure adherence to regulatory practices and to facilitate effective appraisal management.