Work File
The documentation an appraiser must maintain to support the analyses, opinions, and conclusions in the appraisal report. USPAP requires work files to be retained for at least five years after preparation or two years after final disposition of any legal proceeding.
The work file includes all data, notes, correspondence, and documents that were used or considered in developing the appraisal. This includes comparable sale data sheets, MLS printouts, photographs, maps, sketches, worksheets, and any other supporting materials. The work file must be sufficient to enable another appraiser to review and understand the analysis. It serves as the evidence base if the appraisal is questioned, challenged, or litigated. In practice, most appraisers maintain digital work files within their appraisal software.
Related Terms
Uniform Standards of Professional Appraisal Practice (USPAP)
USPAPThe nationally recognized ethical and performance standards for the appraisal profession, established by The Appraisal Foundation.
USPAP Ethics Rule
The USPAP rule establishing requirements for appraiser conduct, management, confidentiality, and record keeping.
Appraisal Report
Under USPAP, a written report that summarizes the appraiser's analysis and conclusions in sufficient detail for the intended users to understand the basis of the value opinion.
More in Legal & Regulatory
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Dodd-Frank Act (Appraisal Provisions)
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The legal requirement that appraisers must be free from improper influence, coercion, or pressure from parties with a financial interest in the transaction outcome.
Competency Rule
A USPAP rule requiring that an appraiser must have the knowledge and experience necessary to complete an assignment competently, or must take steps to acquire it before accepting the assignment..