Property Valuation
Oregon appraisers following USPAP (Uniform Standards of Professional Appraisal Practice) are required to maintain their appraisal workfiles for a minimum of:
A2 years after the date of appraisal
B5 years after the date of appraisal, or 2 years after final legal proceedings (whichever is longer)✓ Correct
C7 years after the date of appraisal
D10 years after the date of appraisal
Explanation
USPAP requires appraisers to maintain workfiles (all data, analysis, supporting documents) for a minimum of 5 years after the appraisal date or 2 years after any legal proceedings involving the appraisal — whichever is longer. Workfiles must contain sufficient documentation to allow another appraiser to replicate the appraisal process.
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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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