A real estate appraiser shall retain originals or true copies of all written contracts engaging the appraiser's services for real estate appraisal work and all written reports, all other data, information, documentation, and supporting data assembled and formulated by the appraiser in preparing the reports for five years. The five-year period for retention of the records is applicable to each engagement of the services of the appraiser and begins on the date of the submittal of the appraisal to the client. However, if, within the five-year period, the appraiser is notified that the appraisal or report is involved in an investigation, litigation, or state or federal review, the five-year period for the retention of the records begins on the date of the final disposition of that investigation, litigation, or state or federal review.

Source: 18 SDR 36, effective August 25, 1991; 21 SDR 49, effective September 18, 1994; 22 SDR 91, effective January 1, 1996; 23 SDR 113, effective January 12, 1997; 41 SDR 217, effective June 29, 2015; 42 SDR 98, effective January 5, 2016.

General Authority: SDCL 36-21B-3.

Law Implemented: SDCL 36-21B-1 , 36-21B-3(15).

Prior versions effective: 2015-06-29, 1997-01-12.