1. (a) Subject to the provisions of subsection (b) of this section, a licensed real estate appraiser shall keep, for 5 years from the date of delivery to the client, the original or a copy of:

   1. (1) each contract the licensee enters into for the provision of real estate appraisal services;
   2. (2) each appraisal report the licensee prepares or signs; and
   3. (3) all supporting data that the licensee assembles or formulates to prepare an appraisal report.
2. (b) If, within the 5-year period for the retention of records, a licensed real estate appraiser is given notice that an appraisal or appraisal report is involved in litigation, a new 5-year period shall start on the date of the final disposition of the litigation.
3. (c) On request, a licensed real estate appraiser shall make any record required to be kept under this section available to the Commission to inspect or copy.

Added by Acts 1990, c. 594. Renumbered from Business Occupations and Professions § 15.5-401 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994. Amended by Acts 2001, c. 470, § 1, eff. Oct. 1, 2001.