Or. Admin. Code § 161-550-0020

Current through Register Vol. 63, No. 12, December 1, 2024

Section 161-550-0020 - Records and Real Estate Appraisal Activity Report Retention Requirements

(1) An appraisal management company shall maintain a detailed record of each service request that it receives, the appraiser that perform the real estate appraisal activity and a complete copy of all completed reports for each assignment. Records shall be maintained by the appraisal management company for:

(a) Not less than five years after the date of completion of the report to which the record pertains; or

(b) For a period of not less than two years after final disposition of a judicial proceeding in which testimony relating to the records are given, whichever period is longer.

(2) An appraisal management company shall maintain the following for a period of not less than five years:

(a) Documentation of each written complaint received by the appraisal management company, along with the name of the client that requested the appraisal, and the date the complaint was forwarded to the client.

(b) A copy of the written notification to the person who submitted the complaint that the complaint was forwarded to the client.

(c) Training materials and training records for each employee specified in OAR 161-540-0010 and ORS 674.245.

Or. Admin. Code § 161-550-0020

ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

Stat. Auth.: ORS 183.355, 674.305 & 674.310

Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250