An appraiser keeps a workfile for every appraisal assignment. Under USPAP, how long must the appraiser retain the workfile after the report is issued?
Correct Answer
D) At least five years after preparation, or at least two years after final disposition of any judicial proceeding involving the appraisal, whichever is longer
USPAP requires appraisers to retain workfiles for at least five years after preparation or at least two years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the assignment, whichever period expires last.
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