What must remain in the workfile when an appraiser relies on a subscription data service?
Correct Answer
D) Enough of the data relied upon to support the results
Why this is correct: USPAS's Record Keeping Rule requires the workfile to contain sufficient information to support the appraiser's conclusions. If data from a subscription service is relied upon, extracts or copies of that specific data must be retained. This ensures the analysis can be reconstructed even if the appraiser's access to the service lapses. Why the other choices are wrong: "The subscription invoice showing the service was paid" is incorrect; payment proof does not support the analysis. "The service's terms of use and licence agreement" is incorrect; while potentially relevant, they do not substitute for the data itself. "A letter from the provider confirming accuracy" is incorrect; appraisers are responsible for verifying data, not relying on provider assurances. Exam tip: The workfile must contain the *data used*, not just proof you had access to a source.
Why This Is the Correct Answer
Why this is correct: USPAS's Record Keeping Rule requires the workfile to contain sufficient information to support the appraiser's conclusions. If data from a subscription service is relied upon, extracts or copies of that specific data must be retained. This ensures the analysis can be reconstructed even if the appraiser's access to the service lapses. Why the other choices are wrong: "The subscription invoice showing the service was paid" is incorrect; payment proof does not support the analysis. "The service's terms of use and licence agreement" is incorrect; while potentially relevant, they do not substitute for the data itself. "A letter from the provider confirming accuracy" is incorrect; appraisers are responsible for verifying data, not relying on provider assurances. Exam tip: The workfile must contain the *data used*, not just proof you had access to a source.
More Emerging Methods Questions
How does an alternative inspection method affect the appraiser's disclosure obligations?
A collector's photographs show a condition the appraiser believes needs specialist assessment. What is the appropriate step?
What responsibility does an appraiser retain for an error originating in a third-party database?
Under current USPAP guidance, what is the output of an automated valuation model before an appraiser analyzes it?
Which assignment type still requires the appraiser to develop an opinion of value?
A model returns an estimate far from the appraiser's own conclusion. What is the appropriate response?
What does it mean that a tool cannot comply with USPAP?
An appraiser is asked to review an assignment where an AVM supplied the value. What does the review examine?
Why is the date a data extract was pulled worth recording in the workfile?
A desktop appraisal is best described as an assignment completed how?
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