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An appraisal review can best be described as comprising a critique of a 3rd party appraisal report that has already been prepared but is the subject of controversy.

The function of reviewing an appraisal report, as set out in the Canadian Uniform Standards of Professional Appraisal Practice as published by the Appraisal Institute of Canada, requires the preparation of a separate review report by the appraiser performing the review and setting forth the results of the review process.

More specifically, the appraisal report review will typically address the completeness, relevance, appropriateness and reasonableness of the report under review. This could include the completeness and accuracy of the original appraiser’s on-site inspection, the appraiser’s selection of comparable sales, the rationale used in formulating the various adjustments and the rationale employed in arriving at the final value estimate.

An appraisal review is typically utilized for those reports that have been prepared for court cases, assessment appeals, expropriation and matrimonial situations.

Our firm is familiar with the requirements and procedures necessary to perform a complete and professional appraisal review.

Michael Mendela, AACI, P.App, FRI
Has worked as a professional review appraiser for over 15 years for the head office of the Bank of Nova Scotia. As well, Mr. Mendela has served on the Appraisal Institute of Canada’s Professional Practice Investigating Committee for over 7 years, reviewing all types of appraisals.