What type of documentation must be maintained for all appraisal and appraisal review assignments?

Maintaining a workfile is essential for all appraisal and appraisal review assignments as it serves as a comprehensive record of the data, analyses, and conclusions that were utilized during the appraisal process. This documentation is critical because it not only substantiates the final appraisal report and its conclusions but also ensures compliance with regulatory standards and guidelines set forth by organizations such as the Appraisal Standards Board and the Uniform Standards of Professional Appraisal Practice (USPAP).

A workfile typically includes the appraisal report itself, along with any supporting documents such as data, calculations, and correspondence relevant to the assignment. The importance of this documentation lies in providing transparency and accountability, should there ever be a need for review or verification of the appraisal’s methodologies and conclusions.

Other options such as a report card, prospectus, or summary statement do not fulfill the same comprehensive role as a workfile in documenting the appraisal process and the specifics of the assignment. These documents may serve different purposes but lack the required detail and structure that a workfile provides in ensuring compliance and supporting the findings of the appraisal.