Appraisal Review and Management
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Appraisal review involves professionals who review appraisals performed by others and report the results of those reviews. The review appraiser must:
- form an opinion as to the adequacy and appropriateness of the appraisal report being reviewed,
- and clearly disclose the nature of the review process undertaken.
The function of reviewing an appraisal requires the preparation of a separate report setting forth the results of the review process.
Appraisal management involves professionals who participate in managing multidiscipline appraisal practices. Such professionals have responsibilities for:
- technical review of all types of appraisals,
- coordinating and training appraisers from various disciplines,
- estimating fees for potential engagements,
- and developing engagement plans for new assignments.
Therefore the appraiser who functions in this capacity will have a broad understanding of the appraisal process and standards that are practiced by one or more disciplines. This understanding must be demonstrated in real property, machinery and technical specialties and business valuation. Familiarity with the proper application of valuation concepts and methodologies for many different types of property rights is essential to advancement in this field.