What is the main purpose of including a workfile in an appraisal?

The main purpose of including a workfile in an appraisal is to document the appraiser's thought process and data. A workfile serves as a comprehensive collection of all relevant information and analyses that the appraiser used during the valuation process. This documentation is essential for several reasons: it enhances transparency and accountability, provides a basis for the appraiser's conclusions, and is crucial for compliance with regulatory requirements.

Having a well-maintained workfile allows an appraiser to demonstrate how they arrived at their valuation and to defend their methodology in the event of scrutiny or a challenge. This documentation ultimately supports the integrity and reliability of the appraisal report, ensuring that it can withstand external review if necessary.

While the requirement of a workfile is indeed mandatory, the primary focus lies in the documentation of thought processes and the data that led to the appraisal's conclusions, rather than simply serving a legal purpose or helping in the training of others. Additionally, enhancing the property's value is not a function of the workfile itself; instead, the workfile is a record of how value was assessed and calculated.