The American Society of Appraisers recently posted an excellent discussion of appraisal review practice by our ARM colleague Mark Penny, ASA, ARM-BV, BV-IA.
Mark’s article is primarily for appraisers who perform review work or are interested in doing so. It’s also an interesting read for those who might need an appraisal review.
Lawyers often need an appraisal review to assess the creditability of an appraisal for court cases. CPAs would need review for appraisals that they plan to use for financial reporting. Those using appraisal reviews for litigation or audit need to be aware that reviews have specific requirements and must meet a standard of care as required by USPAP Standards 3 and 4. Reviews that don’t adhere to these standards can cause more problems than they solve. Mark does a good job of addressing this in his article.
Attorneys and CPAs may want to read more about how appraisal review can benefit their clients or browse our blog posts for more information.
Jack Young, ASA—MTS/ARM, CPA
NorCal Valuation Inc.
