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Review Appraisal - FIRREA Violation?

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If a review appraisal is completed by the same appraiser who did the original, is this a violation of FIRREA? Does the review appraisal have to be from a different apprasier?

From the Appraisal Standard Board Q&A:

Review Appraiser Bias

An appraiser receives a request to review an appraisal; however, the reviewer has previously appraised the same property. Does the reviewer’s prior experience with the property create a bias that then precludes an objective review?

No. Prior appraisal experience with the subject of the work under review might be considered an asset and may have contributed to the reviewer’s selection for the assignment. Before accepting any assignment, an appraiser must be certain that he or she will be able to attest in the certification that the assignment results are impartial and unbiased. If the performance of the prior appraisal assignment creates a redisposition regarding appropriate and reasonable assignment results, the appraiser should decline the appraisal review assignment.

Based on this Q&A, an appraiser cannot review their own work as it would create a bias.

First published on 2/18/08

First published on 02/18/2008

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