Montana Code 37-54-416. Retention of records
37-54-416. Retention of records. (1) A licensed or certified real estate appraiser shall retain for 5 years from the date of submission of an appraisal report to a client:
Terms Used In Montana Code 37-54-416
- Appraisal: A determination of property value.
- Appraisal: means the practice of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice as developed by the appraisal foundation. See Montana Code 37-54-102
- Appraiser: means an individual who holds a license or certification to complete an appraisal assignment in the state where the real property that is the subject of the appraisal assignment is located. See Montana Code 37-54-102
- Board: means the board of real estate appraisers provided for in 2-15-1758. See Montana Code 37-54-102
- Certified real estate appraiser: means a person who develops and communicates real estate appraisals and who has a valid real estate appraisal certificate issued under 37-54-305. See Montana Code 37-54-102
- 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: means an individual, firm, partnership, association, corporation, or other business entity. See Montana Code 37-54-102
(a)an original or true copy of any written contract engaging the person‘s services as an appraiser;
(b)an appraisal report prepared or signed by the licensed or certified real estate appraiser; and
(c)all supporting data assembled and formulated by the licensed or certified real estate appraiser in preparing the appraisal report.
(2)If a licensed or certified real estate appraiser is notified within this 5-year period that the appraisal report is involved in litigation, the appraiser shall retain the appraisal report for 5 years from the final date of disposition of the litigation.
(3)The licensed or certified real estate appraiser shall make available to the board at reasonable times, for inspection and copying, any appraisal report the appraiser is required to maintain under the provisions of this section.