Iowa Code 543D.19 – Retention of records
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1. A certified real estate appraiser shall retain for five years, originals or true copies of all written contracts engaging the appraiser’s services for real estate appraisal work and all reports and supporting data assembled and formulated for use by the appraiser or the associate appraiser in preparing the reports.
Terms Used In Iowa Code 543D.19
- Appraisal: A determination of property value.
- Board: means the real estate appraiser examining board established pursuant to this chapter. See Iowa Code 543D.2
- Certified real estate appraiser: means a person who develops and communicates real estate appraisals and who holds a current, valid certificate for appraisals of types of real estate which may include residential, commercial, or rural real estate, as may be established under this chapter. See Iowa Code 543D.2
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
2. An appraiser must retain all work files for a period of at least five years after preparation or at least two years after final disposition of any judicial proceeding in which testimony was given, whichever period expires last, and either maintain custody of the appraiser’s work file or make appropriate work file retention, access, and retrieval arrangements with a party having custody of the work file.
3. All records required to be maintained under this chapter shall be made available by a certified real estate appraiser for inspection and copying by the board on reasonable notice to the appraiser.