§ 3324 - Records to be retained - Vermont Statutes

§ 3324. Records to be retained

A licensee, applicant or a person who later becomes an applicant shall retain for a period of five years copies of all contracts engaging his or her services for real estate appraisals regulated under this chapter, reports and the supporting data assembled and formulated by the appraiser in preparing the reports. However, if materials required to be retained under this section relate to a matter which is in litigation, they shall be retained for a period of five years plus the time the matter is in litigation. A licensee, applicant or a person who later becomes an applicant shall retain written records of appraisal, review, and consulting assignments, including oral testimony and reports, for a period of at least five years after preparation or at least two years after final disposition of any judicial proceeding in which testimony was given, whichever period expires last. With reasonable notice, the licensee or applicant shall produce the records for inspection and copying by the board or its duly authorized agent. (Added 1989, No. 264 (Adj. Sess.), § 1; amended 1993, No. 217 (Adj. Sess.), § 15.)