USPAP 2020 - 2021, Standards Rule 4-2 - Content of an Appraisal Review
The Uniform Standards of Professional Practice clearly provides the requirements of an Appraisal Review in Standards Rule 4-2. The content of an Appraisal Review Report must be consistent with the intended use of the appraisal review and, at minimum:
- state the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; state the identity of any intended user(s) by name or type;
- state the intended use of the appraisal review;
- state the purpose of the appraisal review;
- state information sufficient to identify the work under review, including any ownership interest in the property that is the subject of the work under review; the date of the work under review; the effective date of the opinions or conclusions in the work under review; and the appraiser(s) who completed the work under review, or if the client has withheld their identity, state that the identity of the appraiser(s) has been withheld by the client.
- state the date of the appraisal review report;
- clearly and conspicuously state all extraordinary assumptions and hypothetical conditions, and state that their use might have affected the assignment results;
- state the scope of work used to develop the appraisal review;
- when any portion of the work involves significant appraisal or appraisal review assistance, state the extent of that assistance;
- state the reviewer's opinions and conclusions about the work under review, including the reasons for any disagreement;
- when the scope of work includes the reviewer's development of an opinion of value or review option related to the work under review, the reviewer must: state which information, analyses, opinions, and conclusions in the work under review that the reviewer accepted as credible and used in developing the reviewer's opinion and conclusions; if applicable, state the effective date of the reviewer's opinion of value; at a minimum, summarize any additional information relied on and the reasoning for the reviewer's opinion of value or review opinion related to the work under review;
- include a signed certification in accordance with Standards Rule 4-3.