Why is maintaining a workfile important in appraisal assignments?

Maintaining a workfile is crucial in appraisal assignments primarily to comply with legal obligations and facilitate reviews. Appraisers are required to document their work thoroughly, as this serves as a record of how they arrived at their conclusions about property values. This documentation supports the integrity and transparency of the appraisal process, ensuring that it adheres to industry standards and regulations.

A well-maintained workfile can be essential in case of audits, disputes, or legal proceedings, as it provides evidence of the methods and data used in the appraisal process. It allows for easy review by supervisors, clients, or regulatory bodies, ensuring accountability and professional responsibility. Overall, having a comprehensive workfile not only protects the appraiser but also enhances the trustworthiness of the appraisal results among clients and stakeholders.