61-2b-34 - Recordkeeping requirements.
61-2b-34. Recordkeeping requirements.
(1) Subject to Subsection (2), a person licensed or certified under this chapter and aperson required to be registered under this chapter before May 3, 2001, shall retain for a period offive years the original or a true copy of:
(a) each written contract engaging the person's services for real estate or real propertyappraisal work;
(b) each appraisal report prepared or signed by the person; and
(c) all supporting data assembled and formulated by the appraiser in preparing eachappraisal report.
(2) The five-year period for retention of records is applicable to each engagement of theservices of the appraiser and begins upon the date of the delivery of each appraisal report to theclient unless, within the five-year period, the appraiser is notified that the appraisal or theappraisal report is involved in litigation, in which event the records must be maintained for thelonger of:
(a) five years; or
(b) two years following the date of the final disposition of the litigation.
(3) Upon reasonable notice, a person licensed or certified under this chapter and a personrequired to be registered under this chapter before May 3, 2001, shall make all records requiredto be maintained under this chapter available to the division for inspection and copying.
Amended by Chapter 199, 2005 General Session