What should a reviewer focus on when completing an independent value conclusion?

When completing an independent value conclusion, it is crucial to focus on the methodologies applied in forming value conclusions. This aspect is essential because the methodology directly impacts the validity and reliability of the appraisal results. A thorough understanding of the appraisal methods used—such as the cost approach, sales comparison approach, or income approach—enables the reviewer to assess whether the appraiser's rationale and calculations are sound and appropriately applied to the specific property being evaluated.

Considering the methodologies allows the reviewer to scrutinize whether the chosen approach is suitable given the property's characteristics and the prevailing market conditions. The methodologies should also align with industry standards and best practices, as this reinforces the credibility of the appraisal.

While the source of comparative sales data and the effective date of the appraisal are important elements in the appraisal process, focusing exclusively on these factors may overlook potential inconsistencies or errors in the methodology itself. Therefore, recognizing the paramount importance of evaluating the methods ensures a more comprehensive and accurate appraisal review process.