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An appraiser's workfile retention period must be at least how long if the appraisal report was completed in April 2009?

April 2012

April 2014

The correct choice is based on the standards set forth by the Uniform Standards of Professional Appraisal Practice (USPAP). According to USPAP, an appraiser is required to retain their workfiles for a minimum period of five years following the completion of an appraisal, or two years after any related court action has concluded, whichever is longer.

In this scenario, since the appraisal report was completed in April 2009, the retention period would extend at least to April 2014, fulfilling the five-year requirement. This ensures that the appraiser maintains documentation that supports their conclusions and methodologies during the appraisal process, allowing for accountability and transparency in their work. Therefore, retaining documentation until April 2014 aligns with the five-year rule mandated by USPAP.

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April 2010

April 2013

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