An appraiser who transfers workfile custody to another party remains:
Correct Answer
A) Responsible for meeting the retention requirement
Why this is correct: Under USPAP, the appraiser retains ultimate responsibility for workfile retention even if physical custody is transferred. The original explanation correctly notes that the duty cannot be delegated. Why the other choices are wrong: "Released from all record keeping duties" is false because the appraiser's professional obligation persists. "Liable only for files less than two years old" is incorrect; retention periods are typically longer (often 5 years). "Obligated only if the client objects" misstates the duty, which is independent of client objection. Exam tip: Remember: custody can be delegated, but responsibility for meeting USPAP retention requirements cannot.
Why This Is the Correct Answer
Why this is correct: Under USPAP, the appraiser retains ultimate responsibility for workfile retention even if physical custody is transferred. The original explanation correctly notes that the duty cannot be delegated. Why the other choices are wrong: "Released from all record keeping duties" is false because the appraiser's professional obligation persists. "Liable only for files less than two years old" is incorrect; retention periods are typically longer (often 5 years). "Obligated only if the client objects" misstates the duty, which is independent of client objection. Exam tip: Remember: custody can be delegated, but responsibility for meeting USPAP retention requirements cannot.
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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