Section 645C.430 - Maintenance and inspection of records1. An appraiser shall keep a copy of the appraisal report, work file and any other pertinent information relating to each appraisal the appraiser conducts for at least 5 years after the completion of the appraisal or at least 2 years following any litigation, whichever period expires last. Only one set of files need be maintained, but the information must be available to all participating appraisers.2. An appraisal management company shall keep a copy of the appraisal report provided to the client for at least 5 years after the completion of the appraisal or at least 2 years following any litigation, whichever period expires last.3. If a citizen's complaint or a formal complaint is filed, the Division may require an appraiser or appraisal management company to maintain all records relating to the complaint until the issue is resolved.4. All appraisals conducted by an appraiser must be numbered consecutively or indexed to permit an audit by a representative of the Division.5. The appraisal report, work file and other pertinent information relating to an appraisal must be open to inspection and audit by the Division upon its request during its usual business hours, as well as other hours during which the appraiser regularly conducts his or her business. 6. The appraiser or appraisal management company shall give written notice to the Division of the exact location of the appraiser's or appraisal management company's records and may not remove them until he or she has delivered a notice which informs the Division of the new location.Nev. Admin. Code § 645C.430
Added to NAC by Comm'n of Appraisers of Real Estate, eff. 1-26-90; A by R176-18A, eff. 5/21/2020