USPAP Q&A - July 2007 - Workfile Retention & Access Arrangements

The Appraisal Standards Board's (ASB) July 2007 USPAP Q&A has just been released: Download July_2007_USPAP_QA.pdf (25.7K)   

This month's Q&A deals with the following questions:

Q1.  USPAP requires an appraiser who is not in custody of his or her workfile to make “appropriate” retention and access arrangements; what does this mean?

Q2.  Two appraisers perform an appraisal assignment together.  Appraiser A retains the workfile and Appraiser B has made access and retrieval arrangements.  Are there conditions under which USPAP allows Appraiser A to deny Appraiser B access to the workfile?

Q3.  I understand that Standards Rule 1-5(a) requires the appraiser to analyze an agreement of sale (if available in the normal course of business).  What constitutes proper "analysis?"

For the answers to these questions: Download July_2007_USPAP_QA.pdf (25.7K)