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The appraisal review process is governed by Standards set by the Appraisal Institute of Canada. The following list itemizes the process of Appraisal Review, which I follow.
Compliance and Opinion Appraisal ReviewPART ONE: IDENTIFY CONCERNS
1. Client and Intended Users 2. Intended Use of the Review Appraiser’s Opinion and Conclusions 3. Purpose of the Appraisal Review Assignment 4. Details of the Report Under Review a. The Report Under Review b. Appraisers who completed the Report Under Review c. Real Estate and Real Property Interest Appraised d. Effective Date of the Opinion in the Report Under Review 5. Date of the Review 6. Scope of Work of the Review Process 7. Assumptions and Limiting Conditions
PART TWO: REVIEW OF REPORT
8. Opinion as to the Completeness of the Report Under review – An Itemized Review of the Appraisal Standard - Rules 9. Opinion as to the Apparent Adequacy and Relevance of the Data and Propriety of any Adjustment to the Data 10. Opinion as to the Appropriateness and Proper Application of the Appraisal Methods and technique Used 11. Opinion about whether the Analysis, Opinions and Conclusions in the Report Under review are Appropriate and Reasonable 12. Reasons Developed for Any Disagreement or Agreement with the Appraisal Report being Reviewed 13. Pertinent Information 14. Conclusion
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