What should be in the work file?

[kfallsalan]

What documents should be in the work file?

 

[Hondo]

Check this thread on workfiles;

http://appraisersforum.com/showthread.php?t=198211&highlight=workfile

 

[Lee Lansford]

What documents should be in the work file?

Look at the current USPAP.

See the Record Keeping Rule.

See lines 314-325.

I work with the understanding that I have everything in the workfile that is necessary to recreate the appraisal report.

 

[Tom Woolford]

I take the position that if I looked at it, it goes in the (digital) workfile. Drive space is cheap.

 

[Terrel L. Shields]

The bigger issue might be what items should I have looked at and therefore are not in the workfile. References to the location of same is an issue. And if you reference a prior report, then you need to pull that report forward to make sure you don't burn it prior to the 5 year mark.

 

[Mike Kennedy]

RECORD KEEPING RULE
An appraiser must prepare a workfile for each appraisal or appraisal review assignment. A workfile must be in existence prior to the issuance of any report. A written summary of an oral report must be added to the workfile within a reasonable time after the issuance of the oral report.
The workfile must include:
• the name of the client and the identity, by name or type, of any other intended users;
• true copies of any written reports, documented on any type of media. (A true copy is a replica of the report transmitted to the client. A photocopy or an electronic copy of the entire report transmitted to the client satisfies the requirement of a true copy.);
• summaries of all oral reports or testimony, or a transcript of testimony, including the
appraiser’s signed and dated certification;
• all other data, information, and documentation necessary to support the appraiser’s opinions and conclusions and to show compliance with USPAP, or references to the location(s) of such other documentation;

 

[Terrel L. Shields]

references to the location(s) of such other documentation;

That might become a bone of contention in determining how explicit that "reference to the location" is. Do I say the sales are in the MLS? or the sales are MLS #156427, 165874, and 112560?

Is the replacement cost from National Building Cost Guide? or the 2014 National Building Cost Guide? Some investigators can be nitpicky.



__________________

 

[Elliott]

I know of an appraiser that was suspended because they didn't have dated copies of MLS sheets, even though they were readily available with a complete document change history from the MLS database. A work file should show normal due diligence, consistent with your peers, but if administratively they want to get you, they can.

 

[Terrel L. Shields]

I know of an appraiser that was suspended because they didn't have dated copies of MLS sheets

That's just wrong....there is no mandate in the work file report to date the sheets.

 

[Mike Garrett RAA]

Sufficient data to support compliance with USPAP. That said, get to know what your state board of appraisers and their investigators look for.

Dated MLS is logical because if it wasn't dated it could have been added at a later date such as after the date an investigation was started.

One of our investigators told our local group..."I want to see little sticky notes from your conversations with the agents concerning the comps". That sounds like over-kill to me but back when I was teaching both the basic course and USPAP I would tell my students a phone log would be a good thing to have in the work file.