OAR 161-025-0050: Records and Appraisal Report Retention Requirements

(1) Every state certified appraiser and every state licensed appraiser shall maintain and have custody of records of all real estate appraisal activity conducted by the appraiser or make appropriate work file retention and/or retrieval arrangements with the party having custody of such records. Such records shall be maintained by the appraiser for a period of at least five years after the date of completion of the appraisal to which the record pertains, or at least two years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the assignment, whichever period expires last. (2) Records of real estate appraisal activity shall include copies of all reports issued by the appraiser relative to the assignment; a workfile containing all documentation supporting the data, analyses, opinions and conclusions reflected in the appraisal report(s); and summaries of any oral report(s) or testimony, or a transcript of testimony. (3) Such records shall at all times be open for inspection by the Board or its duly authorized representatives. (4) A chronological log of all real estate appraisal activity must be provided by each individual state certified appraiser or state licensed appraiser upon request by the Administrator.