Real Estate Division

CPD 115 - Appraisal Review

Pre-requisite: Recommend BUSI 330 or a thorough understanding of the theory and application of the three approaches to value.

These two lessons explore how to review appraisal reports for appropriateness and reasonableness, testing if the report achieved the client's purpose in a meaningful and ethical manner. The course assumes that the reader knows the theory and application of the real estate appraisal process, and has experience in completing real estate appraisals. After reading the course materials, the reader will have a good understanding of appraisal review concepts, and practical tools to assist in reviewing appraisal reports.

Course Outline

Foreword: Introduction to Professional Development Courses

Lesson 1: Appraisal Review – Theory

  • Instructor's Comments
  • Appraisal Review - Theory
    • Introduction
    • Appraisal Report Distinguished from Appraisal Review
    • Purpose of Appraisal Review
    • Function of Appraisal Review
    • Types of Appraisal Review
    • Standards of Professional
    • Who are the Clients of Appraisal Reviewers?
    • Relationship with the Appraiser
    • Review Decision
    • Qualifications of the Professional Reviewer
    • Characteristics of a Good Reviewer
    • Common Deficiencies in Appraisal
    • Characteristics of a Quality Report
  • Summary
  • Review and Discussion Questions

Lesson 2: Appraisal Review – Practice

  • Instructor's Comments
  • Appraisal Review - Practice
    • Attributes and Tools
    • Determining the Review Report Format
    • Appraisal Review Forms
    • Generic Review Checklist - Annotated
    • Reconciliation of Two or More Reports
    • Recommended Reading
    • Review of Residential Form Appraisal Reports
    • Case Study #1 - The MCI Property
  • Summary
  • Review and Discussion Questions
    • Case Study #2 - The Development Site


  • The Final Examination

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