The requirements of STANDARD 1 can be used as a checklist by an appraiser who is developing a real property appraisal.

• A. True
• B. False
• C. Only for experienced appraisers
• D. Not recommended

Answer: (A)

Standard 1 lays out the framework you must follow to develop a real property appraisal. It requires you to identify the problem, define the client and intended users, determine the type and definition of value, and set the scope of work before collecting data or applying methods. Those elements—problem definition, scope of work, data collection and analysis, and the selection of appropriate techniques—form a natural checklist you can use while developing the appraisal to ensure you produce credible results. The standard applies to every real property appraisal, not just to experienced appraisers, and it’s not something you’d skip or throw away.