USPAP USPAP Record Keeping Rule 2

Question 1

If an appraisal becomes involved in judicial proceedings, how does this affect the workfile retention period under USPAP?

Accepted Answer

The workfile must be retained for at least 2 years after final disposition of the judicial proceeding, even if the 5-year period has passed

Answer

The standard 5-year period applies regardless of litigation

Answer

The workfile may be destroyed once litigation begins

Answer

The workfile must be surrendered to the court immediately

Question 2

Under USPAP, what qualifies as a 'true copy' of an appraisal report for workfile retention purposes?

Accepted Answer

A copy that is identical in content to the report transmitted to the client, including electronic copies

Answer

Only a notarized original signed by both the appraiser and client

Answer

A condensed summary of the report's key conclusions

Answer

A photocopy bearing a raised seal from the state appraisal board

Question 3

When an appraiser provides an oral appraisal, what does USPAP's Record Keeping Rule require?

Accepted Answer

A summary of the oral report or testimony must be retained in the workfile

Answer

No workfile is required for oral appraisals

Answer

A full written report must be prepared within 30 days of the oral delivery

Answer

The client must provide written confirmation of the oral appraisal

Question 4

Who bears primary responsibility for maintaining the workfile under USPAP's Record Keeping Rule?

Accepted Answer

The appraiser who performed the assignment

Answer

The client who commissioned the appraisal

Answer

The supervising appraiser only

Answer

The state appraisal board

Question 5

Which statement about workfile contents is consistent with USPAP's Record Keeping Rule?

Accepted Answer

The workfile must include supporting data even if not referenced in the report

Answer

The workfile may consist solely of the final appraisal report

Answer

Only data directly quoted in the report needs to be retained

Answer

Photographs need not be retained if described in the report

Question 6

Under USPAP, must an appraiser retain the workfile even if the client never paid for the appraisal?

Accepted Answer

Yes, retention is required regardless of whether payment was received

Answer

No, payment triggers the retention obligation

Answer

Only if the report was delivered to the client

Answer

Only if the assignment involved federally related transactions

Question 7

A signed certification must appear in the workfile under the USPAP Record Keeping Rule. What does this require?

Accepted Answer

A copy of the signed certification as it appears in the transmitted report

Answer

A separate certification notarized by a third party

Answer

Only the appraiser's license number and expiration date

Answer

Client countersignature on the certification