Ohio Code 4763.14 – Record retention and maintenance
A person licensed, registered, or certified under this chapter shall retain for a period of five years the original or a true copy of each written contract for the person’s services relating to real estate appraisal work, all appraisal reports, and all work file documentation and data assembled in preparing those reports. The retention period begins on the date the appraisal report is submitted to the client unless, prior to expiration of the retention period, the certificate holder, registrant, or licensee is notified that the appraisal or report is the subject of or is otherwise involved in pending litigation, in which case the retention period shall commence two years from the date of final disposition of the litigation.
Terms Used In Ohio Code 4763.14
- Appraisal: A determination of property value.
- appraisal: means the act or process of developing an opinion of value of real property in conformity with the uniform standards of professional appraisal practice. See Ohio Code 4763.01
- Contract: A legal written agreement that becomes binding when signed.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Report: means any communication, written, oral, or by any other means of transmission of information, of a real estate appraisal, appraisal review, or specialized service that is transmitted to a client or employer upon completion of the appraisal or service. See Ohio Code 4763.01
- superintendent of real estate: means the superintendent of the division of real estate and professional licensing of this state. See Ohio Code 4763.01
- Work file: means documentation used during the preparation of an appraisal report or necessary to support an appraiser's analyses, opinions, or conclusions. See Ohio Code 4763.01
A certificate holder, registrant, and a licensee shall make available all records required to be maintained under this section for inspection and copying by the superintendent of real estate or the real estate appraiser board, or both, upon reasonable notice to the certificate holder, registrant, or licensee.