A workfile must be maintained for which types of assignments?

A workfile must be maintained for all appraisal and appraisal review assignments because it serves as a crucial documentation tool that supports the appraisal process. The workfile includes all relevant data, analyses, and reports that an appraiser uses to form their opinions and conclusions in an appraisal report. This is fundamental to ensure transparency and accountability in the appraisal process.

The requirement for maintaining a workfile is grounded in the need for appraisers to provide thorough support for their findings to demonstrate compliance with ethical and professional standards. Additionally, workfiles are essential for defending an appraiser’s conclusions in case of audits, reviews, or disputes, providing a comprehensive view of the process undertaken.

In contrast, restricting the requirement to only specific assignments, like review assignments, fair market value estimates, or assessments for tax purposes, would not provide the necessary uniformity and accountability needed across all types of appraisal work. All appraisal activities must adhere to the same rigorous standards to uphold the integrity of the profession.