(1) A state licensed or certified real estate appraiser shall retain the following records for five (5) years or for at least two (2) years after the disposition of any civil, criminal or administrative proceeding in which testimony was given about an appraisal assignment or appraisal report, whichever period expires last: Originals and true copies of all engagement letters and written contracts engaging the appraiser's services for real property appraisal work; and
(2) All reports and support data assembled and formulated by the appraiser in preparing the report.
(3) The five-year period for the retention of records shall commence on the date that the appraiser submits the appraisal to the client.
(4) All records required to be maintained under this chapter shall be made available by the state licensed or certified real estate appraiser for inspection and copying by the commission on reasonable notice to the appraiser.