USPAP USPAP Record Keeping Rule

Question 1

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

Accepted Answer

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

Answer

3 years after preparation or 1 year after final judicial disposition, whichever is later

Answer

7 years after preparation or 3 years after final judicial disposition, whichever is later

Answer

2 years after preparation or 1 year after final judicial disposition, whichever is later

Question 2

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

Accepted Answer

The name of the client and all intended users

Answer

The appraiser's personal financial statements

Answer

A list of all appraisals completed in the same year

Answer

Proof of the appraiser's state licensing renewal

Question 3

Under USPAP, are electronic records acceptable as workfile documentation?

Accepted Answer

Yes, electronic records constitute acceptable true copies

Answer

No, all workfile documents must be in paper form

Answer

Only if approved by the state appraisal board in advance

Answer

Only for residential appraisals, not commercial

Question 4

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

Accepted Answer

The date of preparation of the workfile

Answer

The date the appraisal report is delivered to the client

Answer

The date the assignment is accepted

Answer

The date payment is received from the client

Question 5

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

Accepted Answer

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

Answer

Only the original client who commissioned the appraisal

Answer

Any member of the general public upon written request

Answer

Only federal banking regulators

Question 6

What must the workfile contain regarding the appraisal report itself?

Accepted Answer

A true copy of the appraisal report transmitted to the client

Answer

Only the cover page and summary section of the report

Answer

A draft version of the report before revisions

Answer

The client's signed acknowledgment of receipt

Question 7

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

Accepted Answer

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

Answer

Only the appraisal report and the signed certification

Answer

Only data supplied by the client

Answer

Market data obtained exclusively from MLS sources