 |
Unannotated Code of Maryland (Last Updated: May 16, 2014) |
 |
BUSINESS OCCUPATIONS AND PROFESSIONS |
|
TITLE 16. REAL ESTATE APPRAISERS, APPRAISAL MANAGEMENT COMPANIES, AND HOME INSPECTORS. |
|
SUBTITLE 4. MISCELLANEOUS PROVISIONS FOR REAL ESTATE APPRAISERS |
§ 16-401. Records
Latest version.
-
(a) Retention generally. -- 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) each contract the licensee enters into for the provision of real estate appraisal services;
(2) each appraisal report the licensee prepares or signs; and
(3) all supporting data that the licensee assembles or formulates to prepare an appraisal report.
(b) Time period. -- 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.
(c) Extension of time period. -- 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.