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Quality control is part of most successful businesses and professions. In the art and science of real estate appraisal, reviewing reports is an essential, though often misunderstood, part of the process. Whether a review is conducted within the appraiser's own firm, by a client, by a professional association, or by a governmental entity, the goal is the same: to ensure that reliable, sound appraisals are communicated in logical, concise reports. Appraising the Appraisal: The Art of Appraisal Review represents a real service to the profession, providing a wealth of practical information and fostering understanding between the writers and reviewers of appraisal reports. The author, himself a seasoned appraisal reviewer, enumerates the many potential pitfalls of the review process and suggests skillful ways for the participants to negotiate solutions. The text is refreshingly pragmatic from a number of experienced review appraisers and includes humorous asides and anecdotes.

 

In addition to discussions of appraiser competency, reviewer guidelines, and common report deficiencies, the text provides a reviewer's perspective on appraisals of complex and special-purpose properties and the special problems associated with discounted cash flow computer programs. Also included are nine appendices with key definitions, units of comparison, reporting options, measurement techniques, and sample review forms and a complete bibliography of relevant appraisal literature. Appraisal review has become increasingly important in this era of regulation and accountability. Don't be caught off guard. Arm yourself with the knowledge and skills you need to successfully negotiate the challenges that lie ahead.

 

About the Author
Richard C. Sorenson, MAI, is the principal of Appraisal Management Consultants, a firm that assists financial institutions with appraisal review, real estate valuation management, and training. Mr. Sorenson was previously with First Chicago (1958-1996) in various appraisal and management positions and was the 1995 national president of the Appraisal Institute. He teaches appraisal courses and commercial and residential review seminars and has published numerous articles in appraisal and banking journals.