Can an appraisal review consist of both a review and a value opinion by the reviewer?

An appraisal review can indeed consist of both a review and a value opinion provided by the reviewer. This process is essential for ensuring the credibility and reliability of the original appraisal.

In a typical appraisal review, the reviewer examines the original appraiser's work, evaluating the methodologies and analyses employed in the initial appraisal. The reviewer assesses whether the appraisal complies with applicable standards and guidelines and examines the reasoning behind the conclusions drawn concerning property value.

Moreover, if the reviewer has sufficient expertise and knowledge, they may also provide an independent value opinion. This scenario is particularly relevant when the reviewer identifies potential deficiencies or disputes in the original appraisal or if additional market data has emerged that could influence property value.

In summary, the ability for a reviewer to issue both a review and a separate value opinion enhances the appraisal process by ensuring that the final opinion of value is robust and well-supported, benefiting stakeholders involved in real estate transactions or assessments.