An appraiser must have custody of the workfile, or make appropriate workfile retention, access, and retrieval arrangements with the party having custody of the workfile. This includes ensuring that a workfile is stored in a medium that is retrievable by the appraiser throughout the prescribed record retention period. What is the record keeping rule for an appraiser regarding the workfile?
1) The appraiser must always keep the workfile in their custody
2) The appraiser must make arrangements with the party having custody of the workfile
3) The appraiser must ensure that the workfile is stored in a retrievable medium
4) The appraiser must maintain the workfile for a specific record retention period
