After giving an oral value opinion in a deposition, the appraiser's workfile must include:

Correct Answer

B) Documentation of the substance of the testimony, meeting workfile rules

Why this is correct: The governing concept is that USPAP's Record Keeping Rule (Standards Rule 1-5) requires an appraiser's workfile to contain sufficient information to support the appraiser's conclusions. An oral value opinion given in a deposition is considered an appraisal report. The original explanation correctly states that testimony is an oral report, and the workfile must capture its substance and support, including data, analyses, and a summary or certification, just as with any written assignment. Why the other choices are wrong: The choice stating "Nothing further, since the testimony is transcribed by the court reporter" is wrong because the court reporter's transcript is a record of the litigation, not the appraiser's personal workfile. The appraiser's professional obligation to maintain a workfile is independent of any external record. The choice stating "Only the subpoena that compelled the appearance" is wrong because a subpoena is merely a procedural document; it does not contain the substance of the appraisal analysis or conclusions presented in the testimony. The choice stating "The opposing expert's report for comparison" is wrong because an appraiser's workfile is for documenting their own work, analysis, and conclusions, not for including the reports of others. Exam tip: Remember that any form of communication of an appraisal opinion—oral, written, or electronic—triggers the full workfile requirement under USPAP.