Under USPAP, what is considered a significant aspect of record-keeping for oral reports?

The requirement for keeping records of oral reports under USPAP emphasizes the importance of maintaining a comprehensive and accurate account of the appraiser's professional activities. Summaries or transcripts of testimony are critical because they provide a documented reference for the oral report, ensuring clarity and accountability. This documentation serves as a safeguard to support the conclusions drawn in the appraisal, allowing for consistency in information presented and adherence to ethical standards.

Additionally, maintaining written records like summaries or transcripts can help protect both the appraiser and their clients by providing a basis for understanding the content of verbal communications. It also allows for effective communication with stakeholders and fulfills the obligations of transparency mandated by USPAP. By contrast, options that suggest no records are necessary or that only minimal information is required do not align with the principle of ensuring thorough documentation in appraisal practice.