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

According to USPAP (Uniform Standards of Professional Appraisal Practice), an appraiser is required to create and maintain a workfile. This workfile must be established before the appraiser transmits the appraisal report to the client. The intention behind this requirement is to ensure that all the relevant data, analyses, and conclusions used in the appraisal process are documented and retrievable.

Creating a workfile after the report has been transmitted does not align with these standards. The workfile serves as a comprehensive collection of the appraiser's supporting material and rationale leading up to their conclusions, and it should be readily available at the time the report is issued. This creates a reliable trail for accountability and transparency, which is vital in the appraisal profession.

Options suggesting that an appraiser can create a workfile after the report has been sent are inconsistent with USPAP guidelines. The requirement emphasizes the importance of proper documentation preceding the transmission of the report, reinforcing the integrity of the appraisal process and ensuring compliance with professional standards.