N.Y. Executive Law 160-Z – Retention of records
§ 160-z. Retention of records. 1. A state certified or licensed real estate appraiser shall retain for three years, originals or true copies of all written contracts engaging his or her services for real property appraisal work, and all reports and supporting data assembled and formulated by the appraiser in preparing the reports.
Terms Used In N.Y. Executive Law 160-Z
- Appraisal: A determination of property value.
- Board: means the state board of real estate appraisal established pursuant to the provisions of section one hundred sixty-c of this article. See N.Y. Executive Law 160-A
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Real estate: means an identified parcel or tract of land, including improvements, if any. See N.Y. Executive Law 160-A
2. Such 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 three year period, such appraiser is notified that the appraisal or report is involved in litigation, in which event the three year period for the retention of records shall commence upon the date of the final disposition of such litigation.
3. All records required to be maintained under the provisions of this article shall be made available by the state certified or licensed real estate appraiser for inspection and copying by the board on reasonable notice to such appraiser. All such records copied by the board shall be kept confidential, except where disclosure of same is required by law or mandate of a court.