WILLIAM DONALD SCHAEFER, Governor Ch. 594

YEARS FROM THE DATE OF DELIVERY TO THE CLIENT, THE ORIGINAL
OR A COPY OF:

(1) EACH CONTRACT THE LICENSEE ENTERS INTO FOR THE
PROVISION OF REAL ESTATE APPRAISAL SERVICES;

(2) EACH APPRAISAL REPORT THE LICENSEE PREPARES OR
SIGNS; AND

(3) ALL SUPPORTING DATA THAT THE LICENSEE ASSEMBLES
OR FORMULATES TO PREPARE AN APPRAISAL REPORT.

(B) IF, WITHIN THE 5-YEAR PERIOD FOR THE RETENTION OF
RECORDS, A LICENSED REAL ESTATE APPRAISER IS GIVEN NOTICE THAT
AN APPRAISAL OR APPRAISAL REPORT IS INVOLVED IN LITIGATION, A
NEW 5-YEAR PERIOD SHALL START ON THE DATE OF THE FINAL
DISPOSITION OF THE LITIGATION.

(C) ON REQUEST, A LICENSED REAL ESTATE APPRAISER SHALL
MAKE ANY RECORD REQUIRED TO BE KEPT UNDER THIS SECTION
AVAILABLE TO THE COMMISSION TO INSPECT OR COPY.

15.5-402.

(A) (1) IN THIS SECTION, THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2) "INDEPENDENT APPRAISAL SERVICE" MEANS AN
ENGAGEMENT FOR WHICH A LICENSED REAL ESTATE APPRAISER IS
PERCEIVED BY A THIRD PARTY OR THE PUBLIC TO ACT AS A
DISINTERESTED THIRD PARTY IN RENDERING AN UNBIASED ANALYSIS,
OPINION, OR CONCLUSION ABOUT THE NATURE, QUALITY, USE, OR
VALUE FOR IDENTIFIED REAL ESTATE, REGARDLESS OF THE INTENT OF
THE EMPLOYER.

(3) (I) "SPECIALIZED APPRAISAL SERVICE" MEANS ALL
APPRAISAL SERVICES, OTHER THAN AN INDEPENDENT APPRAISAL
SERVICE.

(II) "SPECIALIZED APPRAISAL SERVICE" INCLUDES:

1. MARKETING AND FEASIBILITY STUDIES THAT

ARE DESIGNED TO PERSUADE THIRD PARTIES THAT A MARKET EXISTS
OR THAT A PROJECT IS FEASIBLE; AND

2. ANALYSES, OPINIONS, CONCLUSIONS, OR

ESTIMATES OF VALUE ABOUT REAL ESTATE INVESTMENT, MORTGAGE
BANKING, REAL ESTATE COUNSELING, AND REAL ESTATE TAX
COUNSELING.

(B) A LICENSED REAL ESTATE APPRAISER WHO PROVIDES AN
INDEPENDENT APPRAISAL SERVICE MAY NOT ACCEPT A FEE THAT IS

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