What does the scope of work primarily apply to?

The scope of work primarily applies to appraisal and appraisal review because it defines the parameters within which an appraiser operates to achieve a credible and reliable valuation. This includes determining the type of analysis needed, the extent of research, the methodologies used, and the overall approach to completing the appraisal assignment.

When appraisers establish the scope of work, they are setting boundaries to ensure that the appraisal meets the intended purpose and the needs of the client. This is critical for maintaining professionalism and ensuring compliance with industry standards, including those set by regulators and professional organizations.

While the scope of work might conceptually touch on other options like consultation, market analysis, and feasibility studies, these activities may not fall squarely within the established protocols of an appraisal context. Appraisal and appraisal review specifically focus on the evaluation of property value and require structured methodologies and standards.