Which item is NOT required when defining the appraisal problem?

When defining the appraisal problem, it is essential to establish several key elements that guide the entire appraisal process. One crucial aspect is identifying the property that is being appraised, as understanding the specific characteristics of the property informs the rest of the appraisal work. Additionally, defining the type of value sought is fundamental because different appraisals may aim for market value, assessed value, or other types of value, which can significantly affect the approach taken. Moreover, specifying the date of appraisal is important, as real estate values can fluctuate over time, and the date can impact the conclusions drawn.

In contrast, stating the method of sale is not a required element when defining the appraisal problem. While knowledge of how a property might be sold can provide context, it does not fundamentally define the appraisal problem itself. The core elements revolve around the property, the type of value being assessed, and the timing of the appraisal, making the method of sale not a necessity for defining the appraisal problem.