For how long must appraisers retain a workfile for assessments?

The requirement for appraisers to retain a workfile indefinitely underscores the importance of maintaining thorough documentation for all assessments conducted. This practice ensures that appraisers have access to their past work should there be future inquiries, audits, or the need for verification of the assessments made. Retaining files indefinitely serves several purposes, including compliance with regulations, enabling continuity in case of disputes, and allowing appraisers to refer back to their methodologies, sources of data, and reasoning behind their conclusions.

In many appraisal-related professions, especially within a regulatory context such as that governing Pennsylvania evaluators, this extensive retention policy promotes transparency and accountability. It also aligns with best practices in the field, emphasizing a thorough and diligent approach to record-keeping. Understanding this requirement is crucial for appraisers to maintain their professionalism and adherence to applicable standards.