Purpose:
The Residential Appraisal Review Report (Form 2000) is used to review a one-unit property such as a detached or attached single family home, manufactured home, condominium or co-op. A review appraiser uses this form to judge the accuracy of the data in the appraisal report and to develop an opinion of the appropriateness of the appraisal methods and techniques that were used in preparing the appraisal.
Description:
- At a minimum, the review appraiser must do the following:
- Read the entire appraisal report under review
- Inspect the subject property and comparable sales described in the appraisal report from the street. If the review appraiser inspects the interior of the subject, they must note that in the appraisal review report.
- Inspect the neighborhood in which the subject is located
- Research all appropriate data
- Verify the data in the original appraisal report using all reliable sources
- Assume the property condition reported in the original appraisal report is accurate, unless there is evidence to the contrary
The complete field review report includes the following:
- Exterior inspection of the subject property and comparable properties
- Front and street scene photographs of the subject property
- Photographs of each comparable property
- A map locating the subject, the comparables in the appraisal under review and any comparables introduced by the reviewer
- Appropriate certifications and limiting conditions that are Uniform Standards of Professional Appraisal Practice (USPAP) compliant