Appraisal Review. A written report prepared independently and without bias by a qualified appraiser setting forth an opinion about the quality of another appraiser’s work that was performed as part of an appraisal assignment.
Appraisal Review. At the same time the completed Appraisal report is delivered (by whatever means) to the Appraisal Department, the report may be forwarded or otherwise made available to the applicable Branch Manager.
a. If, for the initial Appraisal only, the Branch Manager has a good faith belief that the Appraisal contains an error or is otherwise professionally deficient, the Branch Manager may submit a written or electronically transmitted request to the Appraisal Department explaining the objection and requesting the appraiser address the specific issue raised. If the Appraisal Department agrees that a good faith basis for the review exists, either on the basis of a request from the Branch Manager or on the basis of a pre-funding review, the Appraisal Department may request in writing or by electronic transmittal the appraiser do one or more of the following:
(1) Consider additional appropriate information about the property, including additional comparables;
(2) Provide further detail, substantiation, or explanation for the appraiser’s valuation; or
(3) Correct errors in the Appraisal. The Appraisal Department may not request that an appraiser review an Appraisal solely on the grounds that the valuation is not high enough to qualify the Potential Borrower for the proposed Loan and shall not suggest a specific value.
b. The Ameriquest Parties shall document and retain in a readily retrievable format any change in the Appraisal and the reason for the change.
Appraisal Review. The act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review. (source: USPAP 2016-2017 edition)
Appraisal Review. In connection with appraisal review, Developer shall:
1. Select review appraisers from TxDOT's list of approved fee appraisers and meeting the requirements of Section 7.2.7. The review appraiser selected must follow the appraisal guidelines and procedures found in Chapter 4 of the TxDOT Appraisal & Review Manual.
2. Determine, in consultation with TxDOT, if additional appraisal reports or technical expert reports are required. Initiate, review, and reconcile each report required.
3. Review all appraisal reports for each parcel to determine consistency of methodology, supporting documentation related to the conclusion reached, and compliance with TxDOT standards, as defined in Section 7.3.5.1 - Appraisal Services and this Section 7.3.5.2 - Appraisal Review, TxDOT Appraisal & Review Manual, the Uniform Standards and Federal Land Acquisitions and the requirements of the Appraisal Foundation's USPAP in effect at the time the appraisal is reviewed. The review appraiser must use the most current edition of the standards referenced above and continually monitor these standards to ensure the appraisals conform to the most current requirement of professional appraisal practice.
4. Inspect the subject properties and the sale properties used in direct comparison for each appraisal being reviewed. Upon completion of the review outlined above, the appraiser shall certify in writing to TxDOT that all required standards have been met. This certification will occur by signing on Page 1 of each TxDOT Form ROW-A-5 – Real Estate Appraisal Report or TxDOT Form ROW-A-6 – Real Estate Appraisal Report in the block provided. The review appraiser will also complete TxDOT Form ROW-A-10 - Tabulations of Value to accompany each appraisal. For appraisal updates, the review appraiser will perform a complete review of the updated appraisal, re-inspecting the subject property and the sales used, as of the current date of value. The review appraiser will follow the procedures outlined in the TxDOT Appraisal & Review Manual. A new TxDOT Form ROW-A-10 - Tabulations of Value will be required for each updated appraisal ordered by Developer.
Appraisal Review. The Consultant will furnish appraisal review services by a Wisconsin Certified General Appraiser, qualified by training and recent airport experience, and able to prepare and furnish the appraisal review reports required to determine current fair market value. The Consultant, typically through its acquisition agent, will complete an appraisal objective review to determine whether the appraisal report is of the correct type, whether the appraised area and interest match the property survey, whether the correct certificate of appraiser was completed, and whether the property owner was offered an opportunity to accompany the appraiser during inspection and that this was noted in the report. The review appraiser will complete a BOA Agency Appraisal Review, Certification and Recommendation form for each agency appraisal for the parcel(s) listed on the Exhibit “A” Proposed Land Acquisition Map. The review appraiser will complete a BOA Owner Appraisal, Review and Certification for all property owner second appraisals. The same review appraiser should review both the agency and property owner appraisals. The Consultant shall apply the legal opinions and conclusions of law as given by the Department; shall use proper and applicable appraisal techniques, methods and analyses; and, agrees to prepare the appraisal review reports in accordance with the Bureau’s policies, Appraisal and Appraisal Review Guidelines for Land Acquisition. The appraiser who completed the appraisal review must be the person to officially sign the appraisal review report.
Appraisal Review. (1) Appraisal reports shall be reviewed by a qualified review appraiser meeting the qualifications set forth in paragraph (a) of this section. Statements of value prepared by agency appraisers are not subject to this review.
(2) The review appraiser shall determine whether the appraisal report:
(i) Is complete, logical, consistent, and supported by market analysis; (ii) Complies with the standards prescribed in paragraph (c) of this section; and (iii) Reasonably estimates the probable market value of the lands appraised.
(3) The review appraiser shall prepare a written review report, containing at a minimum: (i) A description of the review process used;
Appraisal Review. The State must have a Certified General Appraiser review the property appraisals. The appraisal reviewer will recommend a value of “just compensation” to the Sponsor. The Sponsor must set the value of just compensation prior to offers being made to the property owners.
Appraisal Review. ( a) App r a i s a l r epo r t s s h a ll be r e- viewed b y a q u a lified r eview a pp r a i se r m ee t i n g t h e q u a lific a t io n s se t fo r t h i n § 2201.3–1 of t h i s p a r t . S t a t e m e n t s of v a l u e p r ep a r ed b y a ge n c y a pp r a i se r s a r e n o t s u bjec t t o t h i s r eview.
( b) T h e r eview a pp r a i se r s h a ll de t e r - m i n e w h e t h e r t h e a pp r a i s a l r epo r t :
(1) I s co m ple t e, logic a l , co n s i s t e n t , a n d s u ppo r t ed b y a m a r k e t a n a l y s i s;
(2) Co m plies wi t h t h e s t a n d a r ds p r e- sc r ibed i n § 2201.3–3 of t h i s p a r t ; a n d
(3) R e a so n a bl y es t i m a t es t h e p r ob- a ble m a r k e t v a l u e of x x x x x x xx a p- p r a i sed.
( c) T h e r eview a pp r a i se r s h a ll p r ep a r e a w r i tt e n r eview r epo r t , co n t a i n i n g a t a m i n i m u m :
(1) A desc r ip t io n of t h e r eview p r oc- ess u sed;
(2) A n expl a n a t io n of t h e a deq u a c y , r elev a n ce, x x x x x x so n a ble n ess of t h e d a t a a n d m e t h ods u sed b y t h e a pp r a i se r t o es t i m a t e v a l u e;
(3) T h e r eviewi n g a pp r a i se r’s s t a t e- m e n t of co n cl u s io n s r eg a r di n g t h e a p- p r a i se r’s es t i m a t e of m a r k e t v a l u e; a n d
(4) A ce r t ific a t io n b y t h e r eview a p- p r a i se r t o t h e followi n g:
( i) T h e r eview a pp r a i se r h a s n o p r ese n t o r p r ospec t ive i n t e r es t i n t h e p r ope r t y t h a t i s t h e s u bjec t of t h e r e- view r epo r t ; a n d ( ii) T h e r eview a pp r a i se r h a s n o t , a n d will n o t , r eceive co m pe n s a t io n t h a t w a s co n t i n ge n t o n t h e a pp r ov a l of t h e a pp r a i s a l r epo r t .
Appraisal Review. (a) Appraisal reports shall be re- viewed by a qualified review appraiser meeting the qualifications set forth in § 2201.3–1 of this part. Statements of value prepared by agency appraisers are not subject to this review.
(b) The review appraiser shall deter- mine whether the appraisal report:
(1) Is complete, logical, consistent, and supported by a market analysis;
(2) Complies with the standards pre- scribed in § 2201.3–3 of this part; and
(3) Reasonably estimates the prob- able market value of the lands ap- praised.
(c) The review appraiser shall prepare a written review report, containing at a minimum:
(1) A description of the review proc- ess used;
(2) An explanation of the adequacy, relevance, and reasonableness of the data and methods used by the appraiser to estimate value;
(3) The reviewing appraiser’s state- ment of conclusions regarding the ap- praiser’s estimate of market value; and
(4) A certification by the review ap- praiser to the following:
(i) The review appraiser has no present or prospective interest in the property that is the subject of the re- view report; and
(ii) The review appraiser has not, and will not, receive compensation that was contingent on the approval of the appraisal report.
Appraisal Review. If either party concludes that an Appraisal contains a material omission or material error of fact, such party may, within 10 days after receipt of the Appraisal, request a reconsideration of the Appraisal, as allowed by applicable law, at the party’s own cost.
