How long can I keep my college tutor on my CV as a reference? Watch
Ideally you should try and replace her with a more recent referee, a manager from your old job for example.
Some places are particular about who counts as a referee, they might state that they have to have known you for a certain number of years, so if she's okay with it I'd keep her details on there.
There should be no mention of referees or references (not even to state that they are available) on your CV, unless the recruiter has specifically asked for them. This is normally a matter for later in the recruitment process and references shouldn't be given until they are asked for, so the answer to the OP's question is No, take it off your CV.