For how long must licensees keep work files for appraisal assignments?

Licensees are required to retain work files for appraisal assignments for five years after the preparation of the appraisal report. This retention period is established to ensure that there is a clear and accessible record of the appraisals performed, which can be vital in the event of audits, disputes, or review processes. The five-year period allows for sufficient time to address any potential questions or issues that may arise regarding the appraisal after it has been completed.

This timeframe aligns with industry standards and regulatory requirements, reflecting the importance of maintaining comprehensive documentation to support the integrity and professionalism of the appraisal process. In contrast, other time frames mentioned in the options either fall short or exceed what is specified for keeping such records.