What legal document outlines the appraisal assignment’s scope and expectations?

The correct response is the Engagement Letter, which is a critical legal document that establishes the relationship between the appraiser and the client. It outlines the specific scope of the appraisal assignment and clearly defines the expectations for both parties involved. The Engagement Letter typically includes details such as the purpose of the appraisal, the property type, the value to be determined, deadlines for delivery, and any specific requirements from the client, ensuring mutual understanding and setting the groundwork for the appraisal process.

While other options may relate to different aspects of the appraisal process, the Engagement Letter is explicitly focused on formalizing the agreement and expectations between the appraiser and client at the outset of an assignment. This specificity helps prevent misunderstandings and protects both the appraiser and the client by clarifying what is required for the appraisal to meet the client's needs.