Property Valuation
What is 'scope of work' in an Illinois appraisal assignment?
AThe appraiser's fee schedule for different property types
BThe type and extent of research and analysis to be performed in an appraisal assignment, determined by the client's intended use and the complexity of the property✓ Correct
CA state-mandated checklist of items all Illinois appraisers must inspect
DThe geographic area within which an appraiser is licensed to practice
Explanation
Scope of work defines the type and extent of research, inspection, and analysis the appraiser will perform. Under USPAP, appraisers must develop a scope of work that results in credible assignment results. For a simple residential property, the scope might be limited; for a complex commercial property, extensive market research, income analysis, and cost studies may be required. The scope is determined by the assignment conditions, intended use, and appraiser's judgment.
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