If a reviewer wants to express an independent opinion of value, what action is necessary?

To express an independent opinion of value, adopting credible parts of the original appraisal using an extraordinary assumption is a valid approach. This method allows the reviewer to build upon the existing appraisal work while considering any unique conditions or variables that may have influenced the value conclusion.

By using extraordinary assumptions, the reviewer acknowledges that they are operating under certain conditions that are not necessarily reflective of the market or property characteristics at that moment. This can help facilitate a more nuanced understanding of the appraisal, allowing the reviewer to incorporate relevant data while forming their own independent opinion. The ability to leverage existing credible information can enhance the overall analysis and lead to a more informed opinion of value without completely disregarding the original appraiser's insights.

Producing a new appraisal report from scratch could lead to unnecessary costs and efforts, especially if valuable information in the original report could have been integrated instead. Adding an addendum may not fully capture the need for an independent opinion, as it would typically just supplement the original data rather than reinterpret it. The statement that the reviewer cannot determine an independent opinion of value is incorrect, as reviewing and interpreting existing data is a fundamental aspect of the appraisal review process.