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<section article="gbo" article_name="Business Occupations and Professions" number="16-401" title_number="16" title_name="Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors" subtitle_number="4" subtitle_name="Miscellaneous Provisions for Real Estate Appraisers">
  <level label="a">
    <text>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:</text>
    <level label="1">
      <text>each contract the licensee enters into for the provision of real estate appraisal services;</text>
    </level>
    <level label="2">
      <text>each appraisal report the licensee prepares or signs; and</text>
    </level>
    <level label="3">
      <text>all supporting data that the licensee assembles or formulates to prepare an appraisal report.</text>
    </level>
  </level>
  <level label="b">
    <text>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.</text>
  </level>
  <level label="c">
    <text>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.</text>
  </level>
</section>
