37-54-416. Retention of records. (1) A licensed or certified real estate appraiser shall retain for 5 years from the date of submission of an appraisal report to a client:
(a) an original or true copy of any written contract engaging the person's services as an appraiser;
(b) an appraisal report prepared or signed by the licensed or certified real estate appraiser; and
(c) all supporting data assembled and formulated by the licensed or certified real estate appraiser in preparing the appraisal report.
(2) If a licensed or certified real estate appraiser is notified within this 5-year period that the appraisal report is involved in litigation, the appraiser shall retain the appraisal report for 5 years from the final date of disposition of the litigation.
(3) The licensed or certified real estate appraiser shall make available to the board at reasonable times, for inspection and copying, any appraisal report the appraiser is required to maintain under the provisions of this section.
History: En. Sec. 15, Ch. 409, L. 1991; amd. Sec. 1420, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 37. Professions and Occupations
Chapter 54. Real Estate Appraisers
Part 4. Regulation of Practice
37-54-403. Standards of professional appraisal practice
37-54-404. and 37-54-405 reserved
37-54-407. through 37-54-410 reserved
37-54-411. Classification of services
37-54-412. Collection of appraisal fees
37-54-413. and 37-54-414 reserved