Appraisers Must Identify the Scope of Work, New Book Says
October 22, 2020 08:00 AM
CHICAGO (Oct. 22, 2020) – The scope of work concept is fundamental to appraisal, and its proper application ensures that appraisers can provide various services and maintain flexibility in their assignments, which has become increasingly important in our rapidly changing business environment, according to a book published by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.
“Scope of Work,” third edition, addresses the evolution of the scope of work concept in the appraisal profession and the current scope of work requirements presented in the Uniform Standards of Professional Appraisal Practice, the Appraisal Institute Standards of Valuation Practice and the International Valuation Standards. Case studies and appraisal report templates are provided to help appraisers understand how scope of work can be applied in a variety of assignments.
“Since the publication of the first edition of ‘Scope of Work’ in 2006, the concept has continued to evolve and professional standards requirements relating to scope of work have been expanded and clarified,” Appraisal Institute President Jefferson L. Sherman, MAI, AI-GRS, wrote in the book’s foreword. “Today’s standards emphasize the importance of applying sound judgment and recognized valuation techniques to solve specific valuation problems.”
Identifying the scope of an appraisal assignment allows valuers to address their clients’ concerns with professionalism and flexibility. Properly identifying the parameters of an assignment also allows appraisers to take advantage of new business opportunities.
Sherman further noted, “in every assignment, valuers must be prepared to support the scope of work decision and clearly explain how it has been applied. This book will help valuers accomplish these goals. It addresses the range of services that real property valuers can offer and describes how they can effectively customize their work products to successfully meet their clients’ needs.”
“Scope of Work,” third edition (ISBN: 9781935328827) is a 120-page soft cover book; a PDF is also available. They are available for $60 ($50 for Appraisal Institute professionals) each, or $84 ($70 for Appraisal Institute professionals) if purchased together. Call 888-756-4624 or order online
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The Appraisal Institute is a global professional association of real estate appraisers, with over 17,000 professionals in almost 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.