1. State-certified real estate appraisers and state licensed real estate appraisers
shall retain originals or true copies of contracts engaging an appraiser's services
for appraisal assignments, specialized appraisal services, appraisal reports, and
supporting data assembled and formulated in preparing appraisal reports, for five
years. The period for retention of the records applicable to each engagement of the services
of the state-certified real estate appraiser or state-licensed real estate appraiser
shall run from the date of the submission of the appraisal report to the client. Upon requests by the commission, these records shall be made available by the state-certified
real estate appraiser or state-licensed real estate appraiser for inspection and copying
at his or her expense, by the commission on reasonable notice to the state-certified
real estate appraiser or state-licensed real estate appraiser. When litigation is contemplated at any time, reports and records shall be retained
for two years after the final disposition.
2. All appraisal management company records shall be retained by the appraisal management
company for five years. Upon request by the commission, such records shall promptly be made available to
the commission for inspection and copying at the expense of the appraisal management
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