Appraisal Review and Bank Compliance
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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.
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