An appraiser prepared an appraisal report in April 2019. He testified in court regarding the value of the property in January 2020. The decision was rendered in February 2020 and was appealed in April 2020. The appellate court heard the case in January 2021 and remanded the case for reconsideration by the lower court. Final disposition of the case occurred in September 2021. At a minimum, how long must the appraiser retain his workfile?

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Study for the McKissock 15hr National USPAP Test. Use flashcards and multiple-choice questions with hints and explanations. Get ahead in your appraisal career!

Multiple Choice

An appraiser prepared an appraisal report in April 2019. He testified in court regarding the value of the property in January 2020. The decision was rendered in February 2020 and was appealed in April 2020. The appellate court heard the case in January 2021 and remanded the case for reconsideration by the lower court. Final disposition of the case occurred in September 2021. At a minimum, how long must the appraiser retain his workfile?

Explanation:
The main idea being tested is how long an appraiser must retain a workfile under USPAP. The rule is to keep the workfile for the longer of two periods: seven years after preparation of the workfile, or three years after final disposition of the assignment. In this scenario, the appraisal report was prepared in April 2019, so seven years after preparation runs to April 2026. The final disposition of the assignment occurred in September 2021, which makes three years after final disposition run to September 2024. The longer period is April 2026, so the minimum retention date would be April 2026. If a provided answer suggests April 2024, that would not meet the USPAP requirement since the longer clock (April 2026) governs.

The main idea being tested is how long an appraiser must retain a workfile under USPAP. The rule is to keep the workfile for the longer of two periods: seven years after preparation of the workfile, or three years after final disposition of the assignment.

In this scenario, the appraisal report was prepared in April 2019, so seven years after preparation runs to April 2026. The final disposition of the assignment occurred in September 2021, which makes three years after final disposition run to September 2024. The longer period is April 2026, so the minimum retention date would be April 2026.

If a provided answer suggests April 2024, that would not meet the USPAP requirement since the longer clock (April 2026) governs.

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