How long must appraisers maintain a workfile after final court deposition?

The correct answer is five years. Appraisers are required to maintain a workfile for a minimum of five years after the final court deposition to comply with standards that ensure accountability and transparency in their appraisal practices. This duration allows for sufficient time to answer any potential questions or challenges regarding the appraisal work performed, should they arise within that period. Maintaining documentation for five years also aligns with several guidelines set forth by professional appraisal organizations and regulatory bodies, which emphasize the importance of retaining records to support the integrity of the appraisal process.

A shorter duration, such as three years, would not provide adequate time to address any issues or queries following the final deposition. Conversely, an indefinite requirement might impose unnecessary burdens on appraisers in terms of file storage and management, while a seven-year retention period may exceed the reasonable timeframe established by industry standards. Thus, the five-year requirement strikes a balance between effective record-keeping and management practices within the appraisal profession.