Property Valuation
In Louisiana, an appraiser must retain workfile documentation for a minimum of:
A1 year after the report is submitted
B5 years after preparation or 2 years after final disposition of any judicial proceeding involving the appraisal, whichever is longer✓ Correct
C3 years after the loan is originated
D10 years for all commercial appraisals
Explanation
USPAP requires appraisers to retain their workfiles for at least 5 years after preparation or at least 2 years after final disposition of any judicial proceeding in which the appraiser testifies concerning the assignment — whichever is longer.
People Also Study
Related Louisiana Questions
- In Louisiana, a licensed appraiser must NOT accept an appraisal assignment where their fee is:Property Valuation
- A Louisiana appraiser is required to maintain workfiles for a minimum of:Property Valuation
- A Louisiana real estate licensee who fails to renew their license on time may apply for reinstatement within how many years before the license is permanently revoked?Louisiana License Law
- Louisiana License Law requires a licensee to disclose their licensed status when:Louisiana License Law
- USPAP (Uniform Standards of Professional Appraisal Practice) applies to Louisiana appraisers because:Property Valuation
- A Louisiana property owner who allows another to openly use their land for 10 years without objection may find the user has acquired:Property Ownership
- The 'reconciliation' step in a Louisiana appraisal requires the appraiser to:Property Valuation
- A Louisiana property buyer discovers the property was used as a dry cleaning facility for 20 years. Their primary environmental concern should be:Environmental
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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.
Study This Topic
Practice More Louisiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Louisiana Quiz →