Utah Code 61-2g-405. Recordkeeping requirements
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(1) Subject to Subsection (2), a person licensed or certified under this chapter shall retain for a period of five years the original or a true copy of:
Terms Used In Utah Code 61-2g-405
- Appraisal: A determination of property value.
- Appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in, or aspect of, identified real estate or identified real property. See Utah Code 61-2g-102
- Appraisal report: means a communication, written or oral, of an appraisal. See Utah Code 61-2g-102
- Contract: A legal written agreement that becomes binding when signed.
- Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 61-2g-102
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Real estate: means an identified parcel or tract of land including improvements if any. See Utah Code 61-2g-102
(1)(a) each written contract engaging the person’s services for real estate or real property appraisal work;(1)(b) each appraisal report prepared or signed by the person; and(1)(c) the supporting data assembled and formulated by the appraiser in preparing each appraisal report.
(2) The five-year period for retention of records is applicable to each engagement of the services of the appraiser and begins upon the date of the delivery of each appraisal report to the client unless, within the five-year period, the appraiser is notified that the appraisal or the appraisal report is involved in litigation, in which event the records must be maintained for the longer of:
(2)(a) five years; or
(2)(b) two years following the date of the final disposition of the litigation.
(3) Upon reasonable notice, a person licensed or certified under this chapter shall make the records required to be maintained under this chapter available to the division for inspection and copying.