61-2b-34. Recordkeeping requirements.
(1) Subject to Subsection (2), a person licensed or certified under this chapter and a
person required to be registered under this chapter before May 3, 2001, shall retain for a period of
five years the original or a true copy of:
(a) each written contract engaging the person's services for real estate or real property
appraisal work;
(b) each appraisal report prepared or signed by the person; and
(c) all supporting data assembled and formulated by the appraiser in preparing each
appraisal report.
(2) The five-year period for retention of records is applicable to each engagement of the
services of the appraiser and begins upon the date of the delivery of each appraisal report to the
client unless, within the five-year period, the appraiser is notified that the appraisal or the
appraisal report is involved in litigation, in which event the records must be maintained for the
longer 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 person
required to be registered under this chapter before May 3, 2001, shall make all records required
to be maintained under this chapter available to the division for inspection and copying.
Amended by Chapter 199, 2005 General Session
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Last revised: Thursday, May 28, 2009