An appraiser leaves a firm. The workfiles for her signed reports must:
Correct Answer
C) Remain accessible to her — custody arrangements must let her meet retention duties
Why this is correct: USPAP's Record Keeping Rule requires the appraiser to retain workfiles. Employment arrangements must ensure the appraiser can access files to meet retention obligations, even after leaving a firm. Why the other choices are wrong: Stay with the firm permanently, because the firm owns all of its workfiles outright is incorrect; ownership doesn't override retention access. Be destroyed to protect confidentiality violates retention requirements. Be filed with the state appraisal board is not required. Exam tip: Secure file access in employment agreements; you're responsible for retention.
Why This Is the Correct Answer
Why this is correct: USPAP's Record Keeping Rule requires the appraiser to retain workfiles. Employment arrangements must ensure the appraiser can access files to meet retention obligations, even after leaving a firm. Why the other choices are wrong: Stay with the firm permanently, because the firm owns all of its workfiles outright is incorrect; ownership doesn't override retention access. Be destroyed to protect confidentiality violates retention requirements. Be filed with the state appraisal board is not required. Exam tip: Secure file access in employment agreements; you're responsible for retention.
More USPAP Questions
Which type of appraisal report may contain the appraiser's analyses, opinions, and conclusions but is intended for use by the client only?
How long must an appraiser retain the workfile for an appraisal assignment under USPAP?
If an appraiser uses a hypothetical condition that the subject property is 10% larger than it actually is, this must be:
Under Standard 1, when developing a real property appraisal, an appraiser must:
An appraiser accepts an assignment to appraise a specialized industrial property but has never appraised this property type before. To comply with the Competency Rule, the appraiser:
According to the Scope of Work Rule, the scope of work must be appropriate to the:
According to Standard 1, when developing an opinion of market value, an appraiser must analyze:
A lender emails: 'We need at least $450,000 to make this loan work — can you take the assignment?' Accepting on that basis is:
An appraiser is developing an opinion of market value for a 20-unit apartment building. The appraiser finds three comparable sales with the following information: Sale 1: 18 units, sold for $1,800,000; Sale 2: 22 units, sold for $2,200,000; Sale 3: 24 units, sold for $2,280,000. What is the average price per unit for these comparables?
In developing a scope of work, an appraiser must consider all of the following factors EXCEPT:
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An appraiser is valuing a single-family residence and discovers that one comparable sale was between related parties at below-market terms. Under Standard 1, the appraiser should:
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A reviewer asks why a report used three comps rather than six. The Standard 2 answer is that a report must contain: