Question:

If two appraisers sign an appraisal report, what are the obligations related to record keeping?  Specifically, must both appraisers keep a copy of the workfile?

Response:

No, it is not necessary for both appraisers to have a copy of the workfile.

The Record Keeping section of the ETHICS RULE states, in part:

An appraiser must have custody of his or her workfile, or make appropriate workfile retention, access, and retrieval arrangements with the party having custody of the workfile.

Neither appraiser is required to have custody of the workfile.  However, an appraiser who does not have custody must make appropriate arrangements for retention, access, and retrieval.

See Advisory Opinion 31, Assignments Involving More than One Appraiser for further guidance.