Who is required to create and maintain a workfile for appraisal assignments?

Creating and maintaining a workfile for appraisal assignments is a universally recognized practice that applies to all appraisers, regardless of their credential level. This requirement is in place to ensure that there is a comprehensive record of the methodology, analyses, and conclusions reached during the appraisal process. This consistent documentation not only supports the reliability and credibility of the appraiser’s work but also aids in the verification and review process, should any questions arise regarding the appraisal. By maintaining a workfile, appraisers can demonstrate compliance with standards and provide the necessary information for audits or legal considerations.

While different credential levels may have specific duties or requirements based on their expertise, the obligation to maintain a workfile extends to all appraisers. This ensures uniformity in professional standards across the field and fosters accountability in appraisal practices.