What is the purpose of an "appraisal review"?

The primary purpose of an appraisal review is to ensure accuracy and compliance with established standards in an appraisal. During this process, a qualified reviewer examines the methods used in the original appraisal, analyzes the data, and confirms that the appraisal meets the necessary guidelines and regulations. This is crucial in maintaining the integrity of the appraisal process, ensuring that property valuations are credible and reliable.

Appraisal reviews help identify any potential errors or biases in the original appraisal, providing an additional layer of oversight. Consequently, the review process contributes to fair market value assessments, essential for buyers, sellers, and financial institutions that rely on accurate appraisals for lending decisions.

Options that suggest creating new appraisal standards, evaluating potential buyers, or increasing the asking price of a property do not align with the specific role of an appraisal review, which focuses on verifying the existing appraisal's accuracy and adherence to established criteria.