Which part of USPAP establishes the requirements for workfile content for an appraisal or appraisal review assignment?

• A. Data Collection Rule
• B. RECORD KEEPING RULE
• C. File Content Standard
• D. Documentation Rule

Answer: (B)

Record Keeping Rule focuses on what must be in the workfile for every appraisal or appraisal review assignment. It requires the appraiser to assemble and maintain a complete workfile that supports the opinion of value or the appraisal review, including the data sources used, the analyses performed, calculations, and documentation of the scope of work, the client and intended users, a description of the property, and any limiting conditions. This creates a transparent, traceable record that others can review or verify and sets guidelines for keeping and retaining those records. Data Collection Rule deals with what data should be collected, not the full workfile content; the others refer to different aspects and aren’t about the workfile contents.