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Appraisal.com Nationwide Appraisal Network: Appraisal
Requirements
Residential
Appraisal Review Form - Desk Review (2002)
As a condition of
payment and continued participation, the
following
requirements must be met by all appraisers on
each report produced for the Appraisal.com
Nationwide Appraisal Network. If you have any
questions about these requirements, please
contact the Appraisal.com Appraisal Quality and
Review Department at 716.332.5950 x525 or email
at
support@appraisal.com.
General
(1) The
report must be USPAP compliant, and meet
minimum requirements set forth by Appraisal.com.
(2) The
report must be produced in a manner that is consistent with
all applicable federal, state and local laws.
(3) The
report must be submitted on a typed or computer-generated (not
handwritten) document that is a reasonable facsimile of the
current National Association of Review Appraisers and Mortgage
Underwriters Form 2002 and all pertinent fields must be
completed. If the appraiser chooses to omit any fields, an
explanation must be included.
(4) The
report must be delivered to Appraisal.com as an Adobe Acrobat®
PDF document or, if the appraiser is unable to deliver the
document as an Adobe Acrobat PDF document, the report may be
delivered by overnight courier to the Appraisal.com Nationwide
Appraisal Network (620 Main Street, Buffalo, NY 14202).
Delivery by courier shall be at the appraiser's sole expense
and will cause the appraiser to incur a fee
(see the Appraisal.com
Terms of Use)
for
Appraisal.com to scan and upload the document as an Adobe
Acrobat PDF document.
(5) Unless
instructed otherwise within the order details, the report must
name the company who ordered it as the Client for the report.
If requested to do so by Appraisal.com within 30 days of
report delivery, the appraiser must change the client name to
reflect the correct name. However, if the name change request
is due to a change of investor, the appraiser may charge a fee
of up to $100 to Appraisal.com.
(6) The
report should contain a reviewer's estimate of value based on
the information stated in the appraisal report if the
appraiser deems the presented data to be assumed accurate. If
the review appraiser is not able to state a reviewer's
estimate of value based on the information contained in the
original report, the review appraiser must state so, and
specifically state what factors in the appraisal report
preclude the reviewer from making an estimate of value.
(7) The
report must contain the effective date of the original
appraisal and the date of the desk review.
(8) The
report must comply with any reasonable requests made within
the special instructions section of the appraisal review
order.
Review
Appraiser(s)
(1) The
report must be produced by the review appraiser (or appraisal
firm) the review appraisal assignment was sent to. The review
appraiser who produces the report (or the supervisory
appraiser, if state law allows) must hold a current and valid
state-issued real estate appraiser license and/or
certification.
(2) The
report must contain the review appraiser's signature.
(3) The
report must contain the review appraiser's State Certification
(or License) number as well as the expiration date of the
State Certification (or License).
(4) If an
apprentice or assistant produces the appraisal review, the
supervisory appraiser must also sign the report, and must hold
a current and valid state-issued real estate appraiser license
and/or certification. The supervisory appraiser's State
Certification (or License) number as well as the expiration
date of the State Certification (or License) must be stated on
the report.
Attachments / Addenda
(1) The
appraisal review report must include a text addendum, which
must identify (but is not necessarily limited to the
identification of) the scope of the appraisal review, the
property and ownership interest appraised (if any) in the work
under review, the review appraiser's opinion as to the overall
quality of the appraisal, and explanations of all items
identified in the appraisal review form as being inadequate or
insufficient.
(2)
The text
addendum must include verification by the review appraiser of
the three-year transaction history of the subject property
(prior to the effective date of the appraisal) and
verification of the transaction data (sale price and sale
date) of the comparable sales used in the appraisal. If the
appraiser is not able to verify this transaction data the
review appraiser must state the method(s) by which data
verification was attempted.
(2) The
report must contain an appropriate Statement of Limiting
Conditions.
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