58-4123. Appraiser's records, retention and board access; consent to inspection.
58-4123
58-4123. Appraiser's records, retention and board access; consent toinspection.(a) A state certified or licensed appraiser shall retainforfive years originals or true copies of all written contracts engaging theappraiser's services for real property appraisal work and all reports andsupporting data assembled and formulated by the appraiser in preparing thereports.
(b) The five-year period for retention of records is applicable to eachengagement of the services of the appraiser and shall commence upon the date ofthesubmittal of the appraisal to the client unless, within such five-yearperiod, the appraiser is notified that the appraisal or report is involvedin litigation, in which event the five-year period for the retention ofrecords shall commence upon the date of the final disposition of suchlitigation.
(c) All records required to be maintained under the provisions of thisact shall be made available by the appraiserfor inspection and copying by the board on reasonable notice to the appraiser.
(d) The application for or acceptance of a license or certificate shall bedeemed conclusively to be the consent of the applicant, licensee or certificateholder to the right of inspection of appraisal records, reports and supportingdata by the board or the board's authorized representative, upon prior noticewhich shall not be less than three days, during normal business hours unlessotherwise agreed. Each applicant or appraiser shall grant full access to allappraisal records, reports and supporting data which pertain to the applicationprocess or to a complaint investigation. Such inspection may be conducted bythe board or the board's representative. Refusal of such inspection shall begrounds for denial, suspension or revocation of the license or certificate.
History: L. 1990, ch. 270, § 23;L. 1991, ch. 164, § 22;L. 1997, ch. 48, § 2; July 1.