What is the primary focus of an appraisal review?

The primary focus of an appraisal review is to assess the quality of an appraisal. This entails evaluating whether the original appraisal meets the necessary standards and adequately supports its conclusions. The reviewer examines the methods used, the data considered, and the appropriateness of the valuation techniques applied to ensure that the appraisal is reliable and defensible. The goal is to verify that the appraisal complies with established guidelines and standards, which is crucial for maintaining the integrity of the appraisal profession and ensuring that stakeholders can depend on the findings presented.

Appraisal reviews are not meant to develop a new opinion of value, as that would fall within the scope of a new appraisal instead of a review. While understanding market trends can be helpful in evaluating an appraisal, it is not the primary focus of a review. Additionally, appraisal reviews do not involve offering legal advice, as they are centered on the technical and procedural aspects of the appraisal itself.