USPAP Record Keeping Rule Flashcards

Under USPAP's Record Keeping Rule, what is the minimum retention period for an appraisal workfile?

Answer: 5 years after preparation or 2 years after final judicial disposition, whichever is later

USPAP's Record Keeping Rule requires appraisers to retain workfiles for at least 5 years after preparation or at least 2 years after final disposition of any judicial proceeding, whichever period expires last.

Which of the following must be included in an appraiser's workfile under the USPAP Record Keeping Rule?

Answer: The name of the client and all intended users

The Record Keeping Rule requires the workfile to identify the client and all intended users so the assignment context can be established upon later review.

Under USPAP, are electronic records acceptable as workfile documentation?

Answer: Yes, electronic records constitute acceptable true copies

USPAP allows electronic records to serve as true copies and fulfill workfile retention requirements, provided the records are retrievable.

When does the 5-year retention period under USPAP's Record Keeping Rule begin?

Answer: The date of preparation of the workfile

The 5-year clock begins on the date of preparation of the workfile, not delivery or payment.

Who must the appraiser make the workfile available to under the Record Keeping Rule?

Answer: Duly authorized professional peer review committees and judicial or quasi-judicial bodies

USPAP requires appraisers to make workfiles available to duly authorized peer review committees and judicial or quasi-judicial bodies with proper authority.

What must the workfile contain regarding the appraisal report itself?

Answer: A true copy of the appraisal report transmitted to the client

The Record Keeping Rule requires the workfile to contain a true copy of the written appraisal report as transmitted to the client.

What data must be retained in the appraiser's workfile beyond the written report?

Answer: All data, information, and documentation necessary to support the appraiser's opinions and conclusions

USPAP requires the workfile to contain all data, information, and documentation necessary to support the appraiser's opinions and conclusions, not just the final report.