Property Valuation
Under USPAP, an 'appraisal review' is different from an 'appraisal' in that:
AAn appraisal review always results in a higher value than the original appraisal
BAn appraisal review evaluates the quality and adequacy of another appraiser's report rather than forming a new value opinion✓ Correct
COnly licensed appraisers can request appraisal reviews
DAppraisal reviews are not subject to USPAP
Explanation
An appraisal review (Standard 3 of USPAP) is the act of reviewing another appraiser's work—evaluating whether the report is adequate, supported, and complies with USPAP and other applicable standards. The reviewer may or may not form their own opinion of value. This is distinct from performing an original appraisal.
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