Oregon Administrative Rules
Chapter 161 - APPRAISER CERTIFICATION AND LICENSURE BOARD
Division 550 - ANNUAL REPORTS
Section 161-550-0020 - Records and Real Estate Appraisal Activity Report Retention Requirements
Universal Citation: OR Admin Rules 161-550-0020
Current through Register Vol. 63, No. 9, September 1, 2024
(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.
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
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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