Evaluating Today's Residential Appraisal: Reliable Review

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The need for appraisal reviews has increased in recent years for a variety of reasons, including more pressure on lenders to evaluate the reliability and accuracy of appraisals, state laws requiring AMCs obtain appraisal reviews on certain percentages of appraisal reports received, lawsuits, follow-up steps related to bank-acquired properties following foreclosures, and many other reasons. However, the profession continues to have few review designations and there is no appraisal review license issued.
This course is designed to provide training to current appraisers who are interested in mastering the nuances and pitfalls that come with appraisal review, specifically reviewing residential appraisal reports for lending uses. The course begins with looking at the why, what, and how of appraisal review. After those basics, the review standards themselves and rules are examined, with a strong focus on example scenarios. Additionally, these units tie together the associated components of the development and reporting standards, rather than simply examining development in one chapter and then reporting in the next.  This approach ensures that there is an immediate understanding of the practical implications on the report itself. The next chapter focuses on the flexibility of a review’s scope, common forms as they relate to the scope of work, and distinguishing between statements that infer a value opinion and those that do not. What do we actually measure the appraisal report against? This is the question we answer in the next three chapters, looking at the standards for appraisals, unacceptable practices and common errors, and typical client and user expectations. While report and scenario examples are used throughout the report, longer report examples are discussed in the final chapter.