Terms Used In Kansas Statutes 58-4123
- Appraisal: A determination of property value.
- Appraiser: means a person who develops and communicates real estate appraisals for real estate-related financial transactions and holds a current valid certification or license issued to such person under the provisions of K. See Kansas Statutes 58-4102
- Board: means the real estate appraisal board established pursuant to the provisions of this act. See Kansas Statutes 58-4102
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Property: includes personal and real property. See Kansas Statutes 77-201
- Real property: means one or more defined interests, benefits and rights inherent in the ownership of real estate. See Kansas Statutes 58-4102
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) A state certified or licensed appraiser shall retain for five years originals or true copies of all written contracts engaging the appraiser’s services for real property appraisal work and all reports and supporting data assembled and formulated by the appraiser in preparing the reports.
(b) The five-year period for retention of records is applicable to each engagement of the services of the appraiser and shall commence upon the date of the submittal of the appraisal to the client unless, within such five-year period, the appraiser is notified that the appraisal or report is involved in litigation, in which event the five-year period for the retention of records shall commence upon the date of the final disposition of such litigation.
(c) All records required to be maintained under the provisions of this act shall be made available by the appraiser for inspection and copying by the board on reasonable notice to the appraiser.
(d) The application for or acceptance of a license or certificate shall be deemed conclusively to be the consent of the applicant, licensee or certificate holder to the right of inspection of appraisal records, reports and supporting data by the board or the board’s authorized representative, upon prior notice which shall not be less than three days, during normal business hours unless otherwise agreed. Each applicant or appraiser shall grant full access to all appraisal records, reports and supporting data which pertain to the application process or to a complaint investigation. Such inspection may be conducted by the board or the board’s representative. Refusal of such inspection shall be grounds for denial, suspension or revocation of the license or certificate.