In the example timeline, at a minimum, the appraiser must retain the workfile until which date?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $24.99Unlock all

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

In the example timeline, at a minimum, the appraiser must retain the workfile until which date?

Explanation:
The key idea is how long an appraiser must keep a workfile. Under USPAP, you must retain the workfile for at least seven years from the date of preparation (or two years after the final disposition of the assignment, whichever is later). In the example timeline, if the work was prepared in April 2017, seven years later falls in April 2024. That makes April 2024 the minimum retention date. The earlier dates (January 2020, December 2022, December 2023) are all before that seven-year mark and therefore not the minimum retention date.

The key idea is how long an appraiser must keep a workfile. Under USPAP, you must retain the workfile for at least seven years from the date of preparation (or two years after the final disposition of the assignment, whichever is later). In the example timeline, if the work was prepared in April 2017, seven years later falls in April 2024. That makes April 2024 the minimum retention date. The earlier dates (January 2020, December 2022, December 2023) are all before that seven-year mark and therefore not the minimum retention date.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy