The scope of work for an appraisal assignment

Question

BlackTom AI · Accepted Answer

The question asks about the scope of work for an appraisal assignment and provides four statements to evaluate.
Option 1: 'should be the same regardless of property type' This is incorrect because the scope of work can vary depending on the property type, assignment problem, and client needs. Different property types (residential, commercial, industrial) require different data, methods, and effort, so the scope should adapt accordingly.
Option 2: 'must be discussed in a specific section of the report on a specific page with a title in bold type' While communications about scope are important, this statement imposes a rigid formatting requirement that is not universally mandated. The scope should be clearly defined and disclosed, but there is no universal rule that it must appear in a designated page with a bold title, so this description is overly prescriptive and misleading.
Option 3: 'depends on the intended use, report users, and must produce credible assignment results' This is the most accurate characterization. The scope of work is driven by the intended use of the appraisal, the needs of report users, and the requirement that the assignment results are credible and credible to the client and users, aligning with professional standards.
Option 4: 'is never the same from one project to the next' This is false because, while specifics vary, the overarching framework and considerations for scope often follow similar principles, and it can be similar across projects when clients and purposes align; saying it is never the same is too absolute.
In summary, the correct understanding is that the scope of work is tailored to the intended use and report users while ensuring credible results, not fixed to property type, formatting mandates, or an absolute sameness across projects.

R E 411 B Quiz #3 practice

The scope of work for an appraisal assignment

View Explanation

Log in for full answers

Similar Questions

In a consumer society, many adults channel creativity into buying things

Economic stress and unpredictable times have resulted in a booming industry for self-help products

People born without creativity never can develop it

A product has a selling price of $20, a contribution margin ratio of 40% and fixed cost of $120,000. To make a profit of $30,000. The number of units that must be sold is: Type the number without $ and a comma. Eg: 20000

Which of the following statement regarding cost is correct:

Under the assumptions used in cost-volume-profit analysis, as the activity increases:

The CVP and break-even analysis are supported by a range of important assumptions. Which of the following is not an assumption of the CVP:

The break-even point is that at which:

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler