Please reach us at joe@batisappraisals.com if you cannot find an answer to your question.
Easy-to-use modules (worksheet format) to analyze real estate valuation solutions for accuracy, reasonableness, and internal consistency.
Whether you are a regular user of appraisal services or new at using the services of an appraiser, the tools assist you in understanding the terminology, the appraisal methodology, and the expectations a client should have for credible assignment results.
The exam preparation section covers a wide range of information from fundamental concepts and terminology to advanced applications of the three approaches to value.
Yes. An improper appraisal review (providing an opinion regarding the quality of work of another) is a violation of USPAP. More importantly, an appraisal review that is developed by an appraiser who lacks the necessary level of competence for the review assignment is a violation of USPAP and could be a violation of appraisal organizations' Code of Ethics.
No. Appraisers who develop valuation opinions and reports find these tools to be beneficial for identifying red flags and potential problems before assignment results are communicated to the client.
Appraisers' work product is more often than not reviewed, whether it be internally, by the client, or by a third party. Review Tools provides the same assessment of the valuation work product that will be performed by a trained reviewer.
Review Tools provides solutions for the analysis of the three valuation approaches (cost approach, sales comparison approach, and income capitalizaiton approach). Users have the option of selecting the whole valuation reviwer kit or only those sections relevant to their appraisal and review appraisal business.
Appraisers are taught and generally acknowledge that all relevant factors (particularly change in income and change in value over the holding term) are "implicit in the cap rate", meaning they cannot be explicity stated, analyzed, or checked for reasonableness. A competent reviewer can check the reasonableness of the property capitalization rate by running various "what-if" tests and use other advanced analytical processes to demonstrate if those "implicit" (seemingly unknown) elements of the rate are supported by market data and consistent with other information contained in the valuation process.
Every module includes helpful features including (1) pop-up suggestions, (2) links to illustrations that explain the objective of the module, and (3) links to a video file in which the developer explains, step-by-step, the objective of the module and reliability of assignment results.
Review Tools includes modules pertaining to valuation assignments that include non-typical situations. Whether the appraisal assignment includes a "before and after" damage (diminution in value) assessment, the need to determine the "larger parcel" for eminent domain assitgnments, or the necessity for the valuation of part of a whole (larger) property, Review Tools provides valuable assistance, guidance and recommendations for the review process.
The appraiser's workfile is an extension of the appraiser's communiation of the assignment results (oral or written report) and can be a critical component in the development of a review opinion. File worksheets, information and data obtained from third parties, and internal notes regarding calculations and "preliminary opinions" are fair game in the review process.
Whether you are a "seasoned veteran" with years of expert testimony experience or new to the "litigation arena", Review Tools will be an invaluable resource. Your testimony (what you say in a deposition or in a trial) can be used by a reviewer as an extension of or supplement to your valuation opinions. "Off-the-cuff" comments like "...my opinion would probably be higher..." or "...that situation would likely result in additional depreciation...", etc. can all be extremely impactful to the credibility and reliability of your opinions. Review Tools includes a "Dos and Don'ts of Testifying" section to protect you from casual statements that could be harmful to you. Several videos provide guidance on a number of litigation-related issues for the appraiser.
Filling out a form report that is acceptable to a client does not insure compliance with USPAP and definitely does not guarantee a proficient reviewer will not find internal inconsistencies. Your liability does not end at the desk of your client.
Your ability to use the advanced analytical methods available in Review Tools to further support and defend your analysis, conclusions, and final valuation opinions could go a long ways towards demonstrating to a panel of less-sophisticated appraisers your knowledge, methodology, and awarensess of key concepts.
YES! Anything is fair game if a complaint has escalated to the level of informal conferences, hearings, or a formal prosecution due to the appraiser's conduct and work product. The persuasiveness of a case by either side (the state licensing board or the complaintant) will be greatly enhanced by the use of effective high-level review techniques.
Today | Closed |
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.