Property Valuation
What is an 'appraisal review' and why might it be needed in Delaware?
AA re-appraisal performed when the initial appraisal comes in below the purchase price
BA critical analysis by a review appraiser of another appraiser's report — evaluating the adequacy and appropriateness of the data, reasoning, and conclusions✓ Correct
CA county review of all appraisals for property tax purposes
DA borrower's right to challenge an appraisal under federal law
Explanation
An appraisal review involves a qualified review appraiser critically analyzing another appraiser's report for adequacy of data support, appropriateness of methods, and validity of conclusions. Lenders, AMCs, and government agencies use appraisal reviews to ensure quality control. A review appraiser may concur with or disagree with the original conclusion.
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