Which item should a reviewer pay the MOST attention to in the Transmittal Letter during the initial reading?

In the context of a Transmittal Letter, the statement regarding observed environmental contamination is critically important because it can have significant implications for the property being appraised. Environmental contamination issues can affect the property's value, its marketability, and the potential liability for the owner or any future occupant.

Such contamination may prompt additional investigations, remediation costs, or legal issues, all of which can drastically alter an appraisal. Therefore, identifying any environmental issues at the outset is essential for understanding potential risks and liabilities associated with the property.

While the effective date of value, proposed new construction, and scope of work are all important elements of the appraisal report, they generally do not carry the same level of immediate risk or impact as environmental contamination. The effective date merely indicates when the appraisal value is relevant, the proposed new construction outlines potential future developments that may or may not occur, and the scope of work defines the parameters of the appraisal but does not directly indicate any immediate threats that the property might face. Thus, the focus on environmental contamination is warranted due to its significant ramifications.