USPAP USPAP Record Keeping Rule 1

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

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.

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

Question 3

Under USPAP, are electronic records acceptable as workfile documentation?

Accepted Answer

Yes, electronic records constitute acceptable true copies

Answer

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

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

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

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

USPAP Exam Practice Test

USPAP Exam Practice Test

USPAP USPAP Record Keeping Rule 1