Property Valuation
Under USPAP (Uniform Standards of Professional Appraisal Practice), a licensed appraiser must retain the workfile for a completed appraisal for a minimum of:
A1 year from the date of the report
B3 years from the date of the report or 2 years after final disposition of any related judicial proceeding, whichever is later✓ Correct
C5 years from the date of the report
D7 years from the date of the report
Explanation
USPAP requires appraisers to retain the workfile for at least five years after preparation or at least two years after final disposition of any related judicial proceeding, whichever is later. Wait — the correct USPAP standard (Record Keeping Rule) is 5 years or 2 years after judicial proceedings. Let me correct: the answer is 5 years, which is option C.
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