What is the most common way that quality is controlled in the appraisal profession?

The most common way that quality is controlled in the appraisal profession is through appraisal review. This process involves evaluating completed appraisals to ensure they meet established standards, are free from errors, and are consistent with the relevant market conditions and guidelines.

Appraisal reviews can take various forms, including internal reviews conducted by appraisal firms or external reviews performed by independent reviewers. They are essential for maintaining the integrity of the appraisal process and providing a mechanism to catch potential discrepancies or ineffectiveness in the completed work. By focusing on the final product and assessing it against established criteria, appraisal reviews help ensure that appraisers uphold high standards in their practice, thus contributing to a more reliable appraisal environment.

Other options, while related to the appraisal profession, do not serve as the primary means for ongoing quality control. Regulatory enforcement plays a vital role in setting the legal framework for appraisers but does not directly assess the quality of individual appraisals. Appraisal consulting focuses on advising clients and may not inherently include a quality control mechanism. A Broker Price Opinion (BPO) is a useful tool in real estate but lacks the rigor and comprehensive standards typically associated with formal appraisals and their reviews.