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

Appraisers are required to maintain a workfile for a minimum of five years after the final court deposition. This requirement ensures that all relevant documentation, including data, analyses, and reports, are available for reference, audit, or review purposes. The rationale behind this specific timeframe is related to the potential for legal challenges or the need for future appraisals that may invoke previous work. By retaining materials for five years, the appraiser can substantiate their findings and methodologies, supporting the integrity of their work and fulfilling professional and regulatory obligations. While the specifics of the law may vary, the five-year standard is widely recognized as a best practice in the field of appraisal. This timeframe allows for a reasonable period during which any disputes or questions regarding the appraisal could arise, thus safeguarding both the appraiser's work and the interests of clients or stakeholders involved.