Property Valuation
USPAP requires appraisers to retain their workfiles for a minimum of:
A1 year
B5 years from the date of appraisal or 2 years after final disposition of any litigation, whichever is later✓ Correct
C10 years
D3 years from the date of appraisal
Explanation
USPAP requires appraisers to retain their workfile for at least 5 years after preparation or 2 years after final disposition of any related legal proceeding, whichever is later.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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