I. A licensed or certified real estate appraiser shall retain for 5 years, all reports and supporting data assembled and formulated by the appraiser in preparing reports.
II. This 5-year period for retention of records is applicable to each engagement of the services of the appraiser and shall commence upon the date of the submittal of the appraisal to the client unless, within such 5-year period, the appraiser is notified that the appraisal or report is involved in litigation, in which event the 5-year period for the retention of records shall commence upon the date of the final disposition of such litigation.
III. All records required to be maintained under the provisions of this chapter shall be made available by the licensed or certified real estate appraiser for inspection and copying by the board, upon a showing of good cause, on reasonable notice to the appraiser.