Guam § 30120 - Record-Keeping Requirement.

§ 30120. Record-Keeping Requirement.

(a) An appraiser must prepare a workfile for each appraisal, appraisal

review, or appraisal consulting assignment. The workfile must include:

(1) The name of the client and the identity, by name or type, of

any other intended users;

(2) True copies of any written reports, documented on any type of

media;

(3) Summaries of any oral reports or testimony, or a transcript of

testimony, including the appraiser==s signed and dated certification; and

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(4) All other data, information, and documentation necessary to

support the appraiser==s opinions and conclusions and to show

compliance with this Act, the Uniform Standards of Professional

Appraisal Practice and all other applicable Standards, or references to

the location(s) of such other documentation.

(b) An appraiser must retain the workfile for a period of at least five

(5) years after preparation, or at least two (2) years after final disposition of

any judicial proceeding in which the appraiser provided testimony related to

the assignment, whichever period expires last. An appraiser must have

custody of his or her workfile, or make appropriate workfile retention,

access, and retrieval arrangments with the party having custody of the

workfile.

(c) Upon reasonable notice, all persons registered or certified under

this Act shall make all records required to be maintained under this Act

available to the Director for inspection and copying.