What is the responsibility of a review appraiser upon identifying an overvalued property due to significant errors in the appraisal?

The responsibility of a review appraiser upon identifying an overvalued property due to significant errors in the appraisal is to document their findings and see if the client approves for filing. This process is essential because it ensures that the review appraiser maintains a professional standard by thoroughly documenting the discrepancies they have found. By taking the time to document, the review appraiser provides a clear basis for their findings and can communicate the rationale behind the valuation issues effectively.

Moreover, seeking client approval before filing any complaints or taking further actions helps maintain transparency and provides an opportunity for the client to respond or rectify the situation. This approach fosters communication between the appraiser and client, allowing for a collaborative resolution to the issues identified.

Documenting findings is crucial not only for ethical considerations but also for legal protection. It creates a record that can be referenced if disputes arise and helps ensure that the review appraiser adheres to professional standards and guidelines. By obtaining the client’s permission for any actions taken, the review appraiser ensures they are acting within the client’s best interests and preserving the integrity of the appraisal process.