A.R.S. § 6-454: Appraisal of real estate owned

At the time of acquisition by purchase, foreclosure or otherwise, an association shall cause to be appraised, in the manner, and by appraisers appointed in accordance with section 6-457, each parcel of real estate acquired and shall keep a signed copy of such appraisal in its records. An association shall not carry real estate on its books for a sum in excess of the total amount actually invested by the association on account of such real estate, including reasonable advances, costs and improvements, but excluding accrued and uncollected interest.