What is the primary function of an appraisal reviewer?

The primary function of an appraisal reviewer is to assess the adequacy and appropriateness of the appraisal report. This includes evaluating whether the appraisal has followed the required standards, methodologies, and guidelines relevant to the specific type of property being appraised. The reviewer examines the report for completeness, accuracy, and thoroughness, ensuring that it supports the value conclusion and meets the necessary regulatory and industry standards.

By focusing on the adequacy and appropriateness of the appraisal report, the reviewer helps to maintain the integrity of the appraisal process. Their role is critical in identifying any potential errors, omissions, or inconsistencies that could affect the reliability of the valuation. This assessment ensures that decisions based on the appraisal are well-informed and sound, ultimately protecting all parties involved, including lenders, buyers, and sellers.

While forming an opinion about the value of the subject property and approving the appraisal or the appraiser's opinion may be part of related tasks, the reviewer’s primary responsibility revolves around ensuring the appraisal report itself adheres to the required standards and is reliable for further use in the appraisal process.