Scope of Work
The type and extent of research and analysis performed in an appraisal assignment. USPAP requires the appraiser to determine and perform a scope of work that is sufficient to produce credible results for the intended use.
Scope of work encompasses the extent of property inspection (interior, exterior-only, or none), the extent of data research (area, time frame, sources), the type and extent of analysis applied (which approaches to value, depth of analysis), and the type and extent of reporting. The scope of work must be appropriate for the assignment — a complex property or high-stakes transaction warrants a more extensive scope. The appraiser determines the scope of work based on the intended use, intended users, property type, and market conditions, not based on the client's fee or deadline preferences.
Related Terms
Uniform Standards of Professional Appraisal Practice (USPAP)
USPAPThe nationally recognized ethical and performance standards for the appraisal profession, established by The Appraisal Foundation.
Intended Use
The use or uses of an appraiser's reported appraisal or appraisal review as identified by the appraiser based on communication with the client at the time of the assignment.
Competency Rule
A USPAP rule requiring that an appraiser must have the knowledge and experience necessary to complete an assignment competently, or must take steps to acquire it before accepting the assignment..
Appraisal Report
Under USPAP, a written report that summarizes the appraiser's analysis and conclusions in sufficient detail for the intended users to understand the basis of the value opinion.
More in Appraisal Process
View allEffective Date (Date of Value)
The date on which the appraiser's opinion of value applies.
Extraordinary Assumption
An assumption that is directly related to a specific assignment and, if found to be false, could alter the appraiser's opinions or conclusions.
Hypothetical Condition
A condition that is contrary to known fact but is assumed for the purpose of analysis.
As-Is Value
The value of a property in its current physical condition, as of the effective date of the appraisal, without any hypothetical conditions or extraordinary assumptions about future improvements or changes..