Some random thoughts about Appraisal Review…
Appraising the Appraisal
The Uniform Standards of Professional Appraisal Practice (USPAP) 2018-2019 defines Appraisal Review as “the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment.”
The important distinction in that definition is that the reviewer develops an opinion of another appraiser’s work, not an opinion of another appraiser.
The Three Pillars of Review
Roger P. Durkin, JD, MS, FASA in his book “Appraisal Report Review” points to “three basic concepts under which an appraisal report is prepared and communicated. The three pillars are the three areas of critical review…Ethos is the credibility and competency of the appraiser. Nomos is the accepted norms, standards, and rules governing the appraisal process. Logos is the logic of the argument.”
An opinion of the quality of another appraiser’s work is built on these three pillars.