§ 5-20.7-18 - Retention of records. - Rhode Island Statutes

SECTION 5-20.7-18

   § 5-20.7-18  Retention of records. –(a) A state certified or licensed real estate appraiser shall retain for five(5) years originals or true copies of all written contracts engaging his or herservices for real property appraisal work, and all reports and supporting dataassembled and formulated by the appraiser in preparing the reports.

   (b) The five (5) year period for retention of records isapplicable to each engagement of the services of the appraiser and commencesupon the date of the submittal of the appraisal to the client unless, withinsuch five (5) year period, the appraiser is notified that the appraisal orreport is involved in litigation, in which event the five (5) year period forthe retention of records is five (5) years upon the date of the submittal ofthe appraisal to the client or three (3) years from the date of the finaldisposition of the litigation, whichever is greater.

   (c) All records required to be maintained under theprovisions of this chapter shall be made available by the certified real estateappraiser for inspection and copying by the board on reasonable notice to theappraiser.