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10

USPAP 2018-2019 Edition

© The Appraisal Foundation

An appraiser must prepare a workfile for each appraisal or appraisal review assignment. A

workfile must be in existence prior to the issuance of any report or other communication of

assignment results. A written summary of an oral report must be added to the workfile within a

reasonable time after the issuance of the oral report.

The workfile must include:

• the name of the client and the identity, by name or type, of any other intended users;

• true copies of all written reports, documented on any type of media. (A true copy is a replica of the report

transmitted to the client. A photocopy or an electronic copy of the entire report transmitted to the client

satisfies the requirement of a true copy.);

• summaries of all oral reports or testimony, or a transcript of testimony, including the appraiser’s signed and

dated certification; and

• all other data, information, and documentation necessary to support the appraiser’s opinions and

conclusions and to show compliance with USPAP, or references to the location(s) of such other data,

information, and documentation.

A workfile in support of a Restricted Appraisal Report or an oral appraisal report must be sufficient for the

appraiser to produce an Appraisal Report. A workfile in support of an oral appraisal review report must be

sufficient for the appraiser to produce an Appraisal Review Report.

An appraiser must retain the workfile for a period of at least five years after preparation or at least two years

after final disposition of any judicial proceeding in which the appraiser provided testimony related to the

assignment, whichever period expires last.

An appraiser must have custody of the workfile, or make appropriate workfile retention, access, and retrieval

arrangements with the party having custody of the workfile. This includes ensuring that a workfile is stored in a

medium that is retrievable by the appraiser throughout the prescribed record retention period.

An appraiser having custody of a workfile must allow other appraisers with workfile obligations related to an

assignment appropriate access and retrieval for the purpose of:

• submission to state appraiser regulatory agencies;

• compliance with due process of law;

• submission to a duly authorized professional peer review committee; or

• compliance with retrieval arrangements.

Comment: A workfile must be made available by the appraiser when required by a state appraiser regulatory

agency or due process of law.  

An appraiser who willfully or knowingly fails to comply with the obligations of this RECORD KEEPING RULE is in

violation of the ETHICS RULE.

RECORD KEEPING RULE

See also

FAQ 79-100

FAQ

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