What is the best practice for a reviewer to include their opinion of value?

The best practice for a reviewer to include their opinion of value is to adopt credible parts of the appraisal and integrate additional data in the review report. This approach allows the reviewer to build upon the existing appraisal while also addressing any inconsistencies or shortcomings that may exist. By selecting credible elements from the initial appraisal, the reviewer reinforces the validity of the established conclusions, ensuring that their opinion is based on sound evidence.

Incorporating additional data enhances the review by providing a fuller context that either supports or counters the original appraisal findings. This method contributes to a more nuanced and comprehensive understanding of the property's value, which is particularly important in commercial appraisals where various factors can significantly affect valuation outcomes.

Producing a completely separate appraisal report as an exhibit could overshadow the original appraiser's work unnecessarily, while adding merely an addendum may not allow for a thorough analysis and might seem like a simple addition rather than a critical evaluation. Claiming that the reviewer cannot determine a separate opinion of value undermines their role, as effective review processes involve forming an independent and informed viewpoint based on the existing data and contextual knowledge.