Abstract: An improved combination level and rasp tool particularly adapted for use in forming, shaping, and smoothing, EIFS surfaces is disclosed. A combination level and rasp tool includes an elongate frame having at least one level mounted thereto, a pair of spaced elongate hand hold apertures formed therein, and an elongate saw tooth rasp blade removably mounted to the frame and angularly disposed relation therewith. The upper portion of the frame preferably defines an angularly disposed elongate slot for receiving the rasp blade and suitable fasteners are provided for securely affixing the rasp blade. The rasp blade is configured to project angularly upward for ease of use.