USPAP Practice Exam 2025 – Complete All-in-One Guide to Mastering Professional Appraisal Standards

The statement that the client’s identity must be documented in the workfile is accurate because according to the Uniform Standards of Professional Appraisal Practice (USPAP), an appraiser is required to maintain a workfile that documents the scope of work, data, analysis, and methodologies used in an appraisal. This workfile must include the identity of the client, even if the client requests anonymity regarding third parties.

This documentation is crucial because it serves to uphold the integrity and ethical standards of the appraisal process. The appraiser is responsible for ensuring transparency in their work while also protecting the confidentiality and privacy of the client. Therefore, while the appraiser must maintain confidentiality when discussing the assignment with others, the client’s identity cannot be omitted from the internal records. This ensures that the appraiser can accurately respond to any inquiries or audits related to the appraisal, maintaining a complete and compliant workfile as mandated by USPAP standards.