There are three types of appraisal reviews:

> A desk review, as it sounds, is done at the reviewer’s desk, and can be prepared with or without validating the data in the appraisal report. The desk review searches for discrepancies, and verifies that the appraisal meets all standards set by the industry, appropriate comparable properties have been used, and correct adjustments have been made. The desk review ensures that the values are accurate.

> In a field review, the review appraiser examines the property in person. The appraisal is examined for accuracy, and the reviewer provides an exterior field inspection of the subject and all comparable properties used, which provides maximum appraisal certainty.

One reason that a field review appraisal might be required is that the property could be located in an area that just realized a natural disaster, and extensive damage could have been done to a property after the initial appraisal was already completed. To protect a lender’s interest, a field review appraisal may be required to ensure the property being financed was not affected by the disaster.

> A full review is one in which the appraiser independently collects data. Ideally, the reviewer has qualifications at least equal to those of the appraiser who prepared the appraisal. The reviewer is normally not responsible for the value estimate in the appraisal report.

By: Present Value