For how long must an appraiser retain the work file and report after completing an appraisal?

Appraisers are required to retain work files and reports for at least five years after completing an appraisal. This five-year retention period is aligned with the standards set forth by the Uniform Standards of Professional Appraisal Practice (USPAP), which govern how appraisals are conducted and documented. Keeping the work file for this duration ensures that the appraiser has access to the necessary documentation for any potential reviews, audits, or disputes that may arise regarding the appraisal.

The retention period also facilitates adherence to legal requirements and helps in maintaining the integrity and credibility of the appraisal profession. Having this information on hand allows appraisers to defend their evaluations or provide follow-up services if needed.

Other options present different time frames, but the five-year minimum is the established standard that aligns with both USPAP guidelines and common practice in the appraisal field.