During which appraisal step is the scope of work defined?

The scope of work is defined during the second step of the appraisal process. In this stage, the appraiser determines the extent of the appraisal assignment, which includes the purpose of the appraisal, the intended use, and the relevant market conditions. By clearly outlining what the appraisal will cover, including any specific issues or aspects of the property that need to be addressed, the appraiser ensures that the analysis will meet the needs of clients and stakeholders. This step is critical because it establishes the framework for how the final value opinion will be derived, ultimately guiding the methodologies and data sources that will be utilized in the appraisal.