How long must an appraiser retain the work file and the report after completing an appraisal for a new client?

An appraiser is required to retain the work file and the appraisal report for a minimum period of five years after completing an appraisal for a new client. This retention period ensures that the appraiser has a comprehensive record of their work, which can be essential for various purposes such as potential audits, legal disputes, or inquiries by regulatory bodies.

The five-year timeline aligns with professional standards set by the Uniform Standards of Professional Appraisal Practice (USPAP), which emphasizes the importance of maintaining documentation that supports the appraiser's conclusions and methodologies. Retaining records for an adequate period not only fosters accountability and transparency in the appraisal profession but also provides a safeguard for both the appraiser and the clients against any future challenges to the appraisal work.

By adhering to this requirement, appraisers demonstrate a commitment to ethical practice and quality service in the real estate market.