Idaho Code 54-4109 – Retention of Records
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(1) A state licensed or certified real estate appraiser shall retain, for at least five (5) years, originals or true copies of all written contracts engaging his services for real estate appraisal work, and all reports and supporting data assembled and formulated by the appraiser in preparing the reports.
(2) The five (5) year period for retention of records provided by subsection (1) of this section 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 the five (5) year period, the appraiser is notified that the appraisal or report is involved in litigation, in which event the five (5) year period for the retention of records shall commence upon the date of the final disposition of the litigation.
Terms Used In Idaho Code 54-4109
- Appraisal: A determination of property value.
- appraiser: means a person who, for a fee or other valuable consideration or the expectation thereof, develops and communicates real estate appraisals or otherwise gives an opinion of the value of real estate or any interest therein. See Idaho Code 54-4104
- Board: means the real estate appraiser board. See Idaho Code 54-4104
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- real estate: means and includes leaseholds as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold and whether situated in this state or elsewhere. See Idaho Code 54-4104
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(3) All records required to be maintained under the provisions of this chapter shall be made available by the licensed or certified real estate appraiser for inspection and copying by the board on reasonable notice to the appraiser.