Property Valuation
Under USPAP, a Massachusetts appraiser must retain work files for a minimum of:
A1 year
B5 years from the date of the report or at least 2 years after final disposition of any judicial proceeding, whichever is later✓ Correct
C10 years
D3 years from the date of the report only
Explanation
USPAP requires appraisers to retain work files for at least 5 years from the date of preparation or at least 2 years after the final disposition of any judicial proceeding in which the appraiser provided testimony, whichever is later.
Related Massachusetts Property Valuation Questions
- In Massachusetts, the 'assessed value' is used primarily to calculate:
- In Massachusetts, 'paired sales analysis' is an appraisal technique used to:
- A Massachusetts property's 'economic life' refers to:
- An appraiser using the income approach divides the net operating income of $96,000 by a capitalization rate of 8%. The indicated value is:
- A Massachusetts appraiser adjusts a comparable that is a corner lot (which typically has a premium in value) while the subject is an interior lot. The appraiser should:
- An appraiser completing a Massachusetts residential appraisal for a federally related transaction must hold at minimum a:
- A Massachusetts appraiser conducting an 'as-proposed' (prospective) appraisal for a new construction project must:
- A Massachusetts appraiser analyzes the 'market conditions' for a neighborhood report. Key market indicators include:
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →