Record-Keeping Requirement

(a)An appraiser must prepare a workfile for each appraisal, appraisal review, or appraisal consulting assignment. The workfile must include:

(1)The name of the client and the identity, by name or type, of any other intended users;

(2)True copies of any written reports, documented on any type of media;

(3)Summaries of any oral reports or testimony, or a transcript of testimony, including the appraiser==s signed and dated certification; and COL 06112010 CH. 30 REAL ESTATE APPRAISERS

(4)All other data, information, and documentation necessary to support the appraiser==s opinions and conclusions and to show compliance with this Act, the Uniform Standards of Professional Appraisal Practice and all other applicable Standards, or references to the location(s) of such other documentation.

(b)An appraiser must retain the workfile for a period of at least five

(5)years after preparation, or at least two

(2)years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the assignment, whichever period expires last. An appraiser must have custody of his or her workfile, or make appropriate workfile retention, access, and retrieval arrangments with the party having custody of the workfile.

(c)Upon reasonable notice, all persons registered or certified under this Act shall make all records required to be maintained under this Act available to the Director for inspection and copying.