Which action is NOT required when conducting an appraisal review?

Which action is NOT required when conducting an appraisal review?

• A. Communicating with the original appraiser
• B. Providing a new opinion about the subject property
• C. Evaluating the original appraisal for accuracy
• D. Developing a quality assessment of the appraisal

Answer: (B)

When conducting an appraisal review, providing a new opinion about the subject property is not a required action. The primary purpose of an appraisal review is to assess the work of the original appraiser, ensuring that the methodology and conclusions are sound and aligned with the relevant standards and guidelines, such as USPAP. In a review, the reviewer may critique and evaluate the original appraisal's approach, including its accuracy and compliance with regulations and ethical considerations, but they do not produce a fresh valuation or alternative opinion for the property in question within the scope of that review. Instead, they focus on assessing the original work, which includes steps like communicating findings with the original appraiser and developing a quality assessment of the original appraisal, thereby ensuring the integrity of the appraisal process.

When conducting an appraisal review, providing a new opinion about the subject property is not a required action. The primary purpose of an appraisal review is to assess the work of the original appraiser, ensuring that the methodology and conclusions are sound and aligned with the relevant standards and guidelines, such as USPAP.

In a review, the reviewer may critique and evaluate the original appraisal's approach, including its accuracy and compliance with regulations and ethical considerations, but they do not produce a fresh valuation or alternative opinion for the property in question within the scope of that review. Instead, they focus on assessing the original work, which includes steps like communicating findings with the original appraiser and developing a quality assessment of the original appraisal, thereby ensuring the integrity of the appraisal process.