What must a workfile contain, at minimum?
Correct Answer
D) The client's identity, true copies of the reports, and data supporting the conclusions
Why this is correct: The minimum workfile contents per USPAP are: the identity of the client, true copies of any written reports, and all data, information, and documentation necessary to support the appraiser's conclusions or references to its location. This allows another appraiser to understand the work. Why the other choices are wrong: 'Only the signed report and the invoice' is insufficient; supporting data is required. 'The client's loan application and credit file' are not part of the appraisal workfile. 'Complete working drafts of every intermediate version of the report as the analysis evolved' is not required; only the final report copies are needed. Exam tip: A workfile must support the conclusions. Think: Could a peer reviewer reconstruct your work from it?
Why This Is the Correct Answer
Why this is correct: The minimum workfile contents per USPAP are: the identity of the client, true copies of any written reports, and all data, information, and documentation necessary to support the appraiser's conclusions or references to its location. This allows another appraiser to understand the work. Why the other choices are wrong: 'Only the signed report and the invoice' is insufficient; supporting data is required. 'The client's loan application and credit file' are not part of the appraisal workfile. 'Complete working drafts of every intermediate version of the report as the analysis evolved' is not required; only the final report copies are needed. Exam tip: A workfile must support the conclusions. Think: Could a peer reviewer reconstruct your work from it?
More USPAP Questions
Which statement best defines a hypothetical condition under USPAP?
According to the Competency Rule, if an appraiser lacks the knowledge and experience to complete an assignment competently, which action is NOT acceptable?
An appraiser runs only the sales comparison approach on a standard tract home and omits the cost and income approaches. Under Standard 1 this is:
A value opinion for a subdivision as if fully built out two years from now is what kind of assignment, and what does it require?
A hypothetical condition differs from an extraordinary assumption in that a hypothetical condition:
An appraiser must disclose in the certification whether they have:
A client-imposed requirement — 'use only comps from our approved list' — is best described as:
Under Standard 1, when developing a real property appraisal, an appraiser must:
The certification required by Standards Rule 2-3 must be signed by:
According to Standard 1, when developing an opinion of market value, an appraiser must analyze:
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