Appraisal Review

The Uniform Standards of Professional Appraisal Practice (USPAP) defines an appraisal review as follows.

"The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal or appraisal review assignment."

This definition section goes further to comment as follows.

"The subject of an appraisal review assignment may be all or part of a report, workfile, or a combination of these".

Reasons for a Review

Reviews are ordered for a variety of intended uses. Some of these demands may include.

● Quality Control

● Litigation

There are two (2) basic types of reviews, the "desktop" review, and the "field" review.

Desktop Reviews

The Dictionary of Real Estate of Real Estate Appraisal defines a desk review as follows.

"An appraisal review that is limited to the data presented in the report which may or may not be independently confirmed.  A desk review is generally performed using a customized checklist of items.  The reviewer checks the accuracy of the calculations, the reasonableness of the data and the appropriateness of the methodology as well as the compliance with client guidelines, regulatory requirements, and professional standards."

Field Reviews

The Dictionary of Real Estate of Real Estate Appraisal defines a field review as follows.

"An appraisal review that includes inspection of the exterior and sometimes the interior of the subject property and possibly inspection of the comparable properties to confirm data provided in the report.  A field review is generally performed using a customized checklist which covers the items examined in a desk review and may also include confirmation of market data, research to gather additional data, and verification of the software used in preparing the report."

Studies Available Nationwide - Appraisal reviews services involving machinery & equipment and business matters are available in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, and Wyoming.