Why is the date a data extract was pulled worth recording in the workfile?
Correct Answer
A) Databases are revised, and the record may since have changed
Databases can be corrected and updated. Recording when data were retrieved, and preserving needed versions or adequate retrieval references, helps establish the evidence actually used. The retrieval date is distinct from the appraisal’s identified effective date; it does not automatically determine that date. There is no universal ninety-day expiration for every data extract. The issue is evidentiary support and currency, rather than billing.
Why This Is the Correct Answer
Option A is correct because databases are revised, and the record may since have changed. Recording when data were retrieved helps establish the evidence actually used to support the opinions. An appraiser must maintain the data, information and analysis necessary to support the opinions under the Record Keeping Rule.
Why the Other Options Are Wrong
Option B: Extracts expire and become unusable after ninety days
Option B claims extracts expire and become unusable after ninety days. There is no universal ninety-day expiration for data extracts; the issue is evidentiary support and currency.
Option C: Data providers require the date for billing purposes
Option C says data providers require the date for billing purposes. The reason to record the date is to document the evidence relied on, not billing.
Option D: The extract date establishes the effective date of value
Option D says the extract date establishes the effective date of value. The retrieval date is distinct from the appraisal's identified effective date and does not automatically determine it.
Data change, dates prove
Because databases change, the pull date proves what you actually saw. The effective date of value is a separate date set by the assignment.
How to use: Use it to separate workfile documentation from effective-date questions.
Exam Tip
Watch for choices that invent fixed time limits or confuse the retrieval date with the effective date. The correct reason relates to supporting the analysis.
Common Mistakes to Avoid
- -Treating the data pull date as the effective date of value
- -Assuming extracts expire after a fixed period
- -Failing to keep the version of data actually relied on
Concept Deep Dive
Analysis
This question tests workfile practice for data drawn from databases. Because databases can be corrected and updated, the record an appraiser relied on may later differ. Recording the retrieval date, and preserving needed versions or adequate retrieval references, documents the evidence actually used, consistent with the Record Keeping Rule.
Background Knowledge
USPAP's Record Keeping Rule establishes workfile requirements, including maintaining the data, information and analysis needed to support the appraiser's opinions. Data from multiple listing services, public records and other databases can change after retrieval. Documenting when and how data were obtained lets the appraiser show what was known at the time of the analysis.
Real-World Application
Months after an appraisal, a reviewer finds that the MLS record for a comparable now shows a different sale price. The appraiser's workfile contains the extract and its retrieval date, showing the data that were available and relied on at the time. This documentation supports the appraiser's analysis in the review.
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