(1) A licensed or certified real estate appraiser shall retain for 5 years from the date of submission of an appraisal report to a client:
(a) an original or true copy of any written contract engaging the person's services as an appraiser;
(b) an appraisal report prepared or signed by the licensed or certified real estate appraiser; and
(c) all supporting data assembled and formulated by the licensed or certified real estate appraiser in preparing the appraisal report.
(2) If a licensed or certified real estate appraiser is notified within this 5-year period that the appraisal report is involved in litigation, the appraiser shall retain the appraisal report for 5 years from the final date of disposition of the litigation.
(3) The licensed or certified real estate appraiser shall make available to the board at reasonable times, for inspection and copying, any appraisal report the appraiser is required to maintain under the provisions of this section.