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USPAP: Appraisal Review

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ZZGAMAZZ

Thread Starter
Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
I'm trying to interpet USPAP regarding an Appraisal Review.

If the reviewer does not agree with the opinion of value of the original assignment, is a new appraisal warranted? If so is it a retrospective assignment back to the original effective date? If so does the reviewer complete the review, submit the review, and then await the additional assignment? What if the client does not agree to an additional appraisal because of the cost? (all very confusing to me...)
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
If the client requests the Fannie Mae form 2000--you are completing an appraisal review per Standard 3 and an appraisal per Standard 1. Standard 2 for reporting how you arrived at those opinions.

I hate the expression "enhanced" review--that is meaningless. I have no idea until I have reviewed the original report whether additional or different or no comparables would be warranted due to the appraisal problem. I have one flat fee for my field review orders on the 2000 form and that fee includes the expectation I will need to complete all sections of the form.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I'm trying to interpet USPAP regarding an Appraisal Review.

If the reviewer does not agree with the opinion of value of the original assignment, is a new appraisal warranted? If so is it a retrospective assignment back to the original effective date? If so does the reviewer complete the review, submit the review, and then await the additional assignment? What if the client does not agree to an additional appraisal because of the cost? (all very confusing to me...)

Whether you agree or disagree with the opinion of value in the appraisal under review...and if you state an opinion either way...congratulations! You have just communicated the results of your own appraisal!
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
I'm trying to interpet USPAP regarding an Appraisal Review.
Good luck!

If the reviewer does not agree with the opinion of value of the original assignment, is a new appraisal warranted?
I would second Lee's point that after you have expressed a view, the worms are out of the can.

That said, I don't know if the word "agree" by itself, does the trick. An appraisal is defined in USPAP as both a reference to a process and a reference to a result. So, if someone simply "agrees," is he or she agreeing with the result or the process? Either way, it is not a very meaningful way to communicate opinions about an appraisal.

Note that Std 3 mentions "disagreement," but does not use that word strictly in the context of the value opinion.
 
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