CHICAGO – April 23, 2015 – (RealEstateRama) — Reviewing appraisals has become increasingly important in recent years with many appraisal reports being more closely scrutinized, according to a new book from the nation’s largest professional association of real estate appraisers.
“Review Theory and Procedures: A Systematic Approach to Review in Real Property Valuation,” published last week by the Appraisal Institute, includes a flowchart of the review process and provides a comprehensive model that defines the review function, describing how to integrate and organize the various tasks involved in performing a review assignment.
“The publication of this new book on review theory and procedures marks a significant moment in the development of the body of knowledge for the review discipline,” Appraisal Institute President M. Lance Coyle, MAI, SRA, wrote in the book’s foreword. “However, this historical moment is just a point in time in the continuing progression and evolution of that body of knowledge.”
“Review Theory and Procedures: A Systematic Approach to Review in Real Property Valuation” uses the new review process model as an organizing tool. The book follows the review process step by step, from the identification of the problem that the client needs solved by the review through to the communication of the reviewer’s conclusions about the quality of the work under review in the form of a review report.
In addition, the book includes discussion of the reviewer’s role in the larger arena of valuation practice, the essential criteria for acquiring and demonstrating professional competence, the regulatory environment in which reviewers work, special considerations in review assignments involving complex properties, other challenging assignment conditions and the misunderstandings that sometimes hamper communication between reviewers and appraisers.
“Review Theory and Procedures: A Systematic Approach to Review in Real Property Valuation” (ISBN: 978-1-935328-60-5) is a 132-page softcover book. It is available for $60 ($45 for Appraisal Institute professionals) plus shipping. Call 888-756-4624 or order online.
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The Appraisal Institute is a global professional association of real estate appraisers, with nearly 21,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.