Section 34-27A-26

Retention of contracts and records.

(a) A licensed real estate appraiser shall retain for five years, originals or true copies of all written contracts engaging his or her services for real property appraisal work, and all report and supporting data assembled and formulated by the appraiser in preparing the reports. This five-year period for retention of records is applicable to each engagement of the services of the appraiser and shall commence upon the date of the submittal of the appraisal to the client unless, within the five-year period, the appraiser is notified that the appraisal or report is involved in litigation, in which event the five-year period for the retention of records shall commence upon the date of the final disposition of the litigation.

(b) All records required to be maintained under this chapter shall be made available by the licensed real estate appraiser for inspection and copying by the board on reasonable notice to the appraiser.

(Acts 1990, No. 90-639, p. 1175, §26; Acts 1994, No. 94-117, p. 128, §1.)