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

The 5-year period from preparation expires January 2025, but the 2-year post-judicial period runs to March 2026, so March 2026 is the later date and controls.

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

USPAP does not require the client's financial information in the workfile; the record keeping requirements focus on the appraisal analysis and support data.

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

USPAP's Record Keeping Rule explicitly requires appraisers to make workfiles available to duly authorized peer review committees, regardless of confidentiality concerns with the client.

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

The Record Keeping Rule applies to all appraisals subject to USPAP, covering real property, personal property, business valuation, and mass appraisal assignments.

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

The signed certification documents the appraiser's representations — including independence, prior services, and USPAP compliance — at the time the report was produced.

USPAP Exam Practice Test

USPAP Exam Practice Test

USPAP USPAP Record Keeping Rule 3