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One-Unit Residential Appraisal Field Review Report (2000)
The Residential Appraisal Review Report (Form 2000) is a four page form used to review a one unit property. The property under review may be a detached or attached single family home, manufactured home, condominium or co-op. A review appraiser uses this form to address the accuracy of the data in the appraisal report being reviewed and to develop an opinion of the appropriateness of the appraisal methods and techniques that the original appraiser used.
Question 6 on the form requires the review appraiser to report a conclusion as to whether the comparables used were the most similar to the subject. If the reviewer does not agree that the comparables used in the original appraisal should have been used, they must explain why the comparables actually used should not have been used. (See Guidance No. 7, on page 3 of the form.)
Question 10 on the form requires the review appraiser to determine whether or not the estimate of the market value for the subject property was reasonable as of the effective date of the appraisal. If the review does not believe the opinion of value in the original appraisal is reasonable (as of date of original appraisal), Section II must be completed and a new value conclusion supported. The review appraiser will normally make certain assumptions regarding the condition of the subject and may rely on information contained in the report under review, unless there is evidence to the contrary.
There is no provision for use of the trainee or supervisory appraiser in the development of this review report.
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.