What does the scope of work section of a report communicate?
Correct Answer
A) The extent of research and analysis performed
Why this is correct: The scope of work is a USPAP requirement that communicates the extent of the research and analysis performed for the assignment. It allows users to understand what was and was not done, assessing the credibility of the report. Why the other choices are wrong: The hours the appraiser spent is a business record, not the scope. The geographic area the appraiser serves is a practice detail, not the scope for a specific assignment. The list of approaches the client requested is not determinative; the appraiser decides which approaches are necessary. Exam tip: Scope of work answers the question: 'What did you do?' It's about the process, not the time spent or client requests.
Why This Is the Correct Answer
Why this is correct: The scope of work is a USPAP requirement that communicates the extent of the research and analysis performed for the assignment. It allows users to understand what was and was not done, assessing the credibility of the report. Why the other choices are wrong: The hours the appraiser spent is a business record, not the scope. The geographic area the appraiser serves is a practice detail, not the scope for a specific assignment. The list of approaches the client requested is not determinative; the appraiser decides which approaches are necessary. Exam tip: Scope of work answers the question: 'What did you do?' It's about the process, not the time spent or client requests.
More USPAP Questions
Reconciliation of the approaches to value is best described as which activity?
Why should the reconciliation address the quantity of evidence as well as its quality?
How long must a report be retained compared with the workfile?
What distinguishes an appraisal review from an appraisal?
An appraiser reconciles to a value at the top of the indicated range because the client needs that figure. What has occurred?
What does it mean that a value opinion must be reasonable rather than merely arithmetically derived?
What should the reconciliation section explain to the reader?
How do the content obligations of the two report options differ with respect to the information analyzed?
The three approaches indicate $480,000, $495,000 and $610,000. What should the appraiser do first?
Three approaches indicate $1.02 million, $1.05 million and $1.04 million. How should this be reported?
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