If tasked to review a detailed appraisal but limit your review to the Cost Approach only, can you accept this assignment?

The correct answer is that it is acceptable to limit your review to only the Cost Approach of the appraisal. In appraisal practice, it is recognized that a reviewer can focus on specific methodologies or sections of an appraisal rather than the entire report.

This approach often arises when the scope of work or the request of the client is such that it is specifically tailored to certain elements of the appraisal process, like the Cost Approach. By concentrating on this specific aspect, the reviewer can provide a more thorough analysis of that section, ensuring that the conclusions drawn regarding the cost methodology are valid and in line with the standards of appraisal practice.

Additionally, it's important to note that while a comprehensive review of the entire appraisal can be beneficial, it is not always necessary or required, particularly if the review has been defined to focus solely on relevant components as per the client’s instructions or needs. Therefore, conducting a review that is limited to the Cost Approach can be a practical and efficient way to serve the client's request while still adhering to professional standards.