USPAP USPAP Record Keeping Rule 3

Question 1

An appraiser completed an assignment in January 2020. The appraisal was used in litigation that concluded in March 2024. When may the workfile be destroyed?

Accepted Answer

March 2026, two years after final judicial disposition

Answer

January 2025, five years after preparation

Answer

March 2025, one year after final judicial disposition

Answer

January 2023, three years after preparation

Question 2

Which of the following is NOT required to be in the workfile under USPAP's Record Keeping Rule?

Accepted Answer

The client's credit score and financial statements

Answer

A true copy of the appraisal report

Answer

The name of the client

Answer

All data necessary to support the opinions and conclusions

Question 3

Under USPAP, a duly authorized peer review committee requests access to an appraiser's workfile. What is the appraiser's obligation?

Accepted Answer

The appraiser must provide access as required by the Record Keeping Rule

Answer

The appraiser may decline if the assignment involved confidential client data

Answer

Access can only be granted with written consent from the client

Answer

The appraiser may provide only the final report, not supporting data

Question 4

Which types of appraisals are subject to USPAP's Record Keeping Rule?

Accepted Answer

All appraisals subject to USPAP, regardless of property type

Answer

Only federally related real property appraisals

Answer

Only residential appraisals above a federally mandated threshold

Answer

Only appraisals performed for financial institutions

Question 5

What is the purpose of retaining a copy of the signed certification in the workfile?

Accepted Answer

To document the appraiser's representations and compliance attestations at the time of the assignment

Answer

To allow the client to contest appraisal conclusions in court

Answer

To satisfy state licensing renewal audit requirements only

Answer

To provide proof of insurance coverage for the appraisal

Question 6

How does USPAP define the workfile retention obligation when multiple appraisers collaborate on a single assignment?

Accepted Answer

Each appraiser who signs the certification is responsible for retaining the workfile

Answer

Only the supervising appraiser retains responsibility

Answer

The client selects which appraiser must retain the file

Answer

Responsibility passes solely to the appraiser with the higher license level

Question 7

An appraiser prepares a workfile but later discovers it is incomplete because some field notes were lost. What does USPAP's Record Keeping Rule require in this situation?

Accepted Answer

The appraiser must ensure the workfile contains all data necessary to support conclusions, and missing field notes represent a violation

Answer

The appraiser may submit a revised report without noting the missing data

Answer

The appraiser must disclose the incomplete workfile only if litigation arises

Answer

The appraiser may reconstruct field notes from memory with no further obligation