Preparation of Rites is a Normal Spell Card.
Spell Cards are usually activated from the hand on your turn unless their type gives another timing window.
On the current TCG and OCG Forbidden & Limited lists tracked here, Preparation of Rites is Unlimited.
YGOPRODeck lists Preparation of Rites for these formats: Duel Links, Edison, Common Charity, TCG, OCG, Master Duel.
A listed print of Preparation of Rites appears in 25th Anniversary Rarity Collection II (RA02-EN056) at Collector's Rare rarity.
Among markets shown on this page, the lowest listed snapshot for Preparation of Rites is about $0.04 on Cardmarket (prices change frequently).
