Final answer:
Consulting assignments in valuation often involve advisory roles that go beyond point-in-time valuation, such as evaluating development project success probabilities, providing strategic pricing advice, and assessing property suitability against investment criteria. The correct option is d.
Step-by-step explanation:
In CUSPAP's Consulting Standard Section 11, assignments that may be considered consulting include those that require a professional to provide expertise or advice that is not strictly related to determining the value of a property at a specific point in time.
Among the given options, the assignments that are MOST likely to be considered consulting are:
- Evaluating the probability of success for a real estate development project due to its forward-looking nature and the need to use expertise to estimate various future scenarios and outcomes.
- Providing advice to an owner on pricing her heritage home in a sale negotiation, as it involves strategic decision-making and personalized market insights that are not strictly about valuing the property.
- Evaluating a specific property to determine if it meets a client's investment criteria, a task requiring a deep understanding of the client's objectives and the use of professional judgment beyond standard valuation.
Option d, establishing the market value of a four-unit rental project upon completion, is more aligned with a point-in-time valuation and therefore less likely to be considered consulting. The correct option is d.