APPRAISAL REVIEW SERVICES

Often referred to as "appraising the appraisal", an appraisal review is an independent and unbiased critical assessment of another appraiser's work product. The purpose of the review is to develop and express an opinion as to the acceptability, quality and reasonableness of the appraisal report under review. The review appraisal is meant to assist the client in assessing the reliability of the appraisal report and is not in and of itself a second opinion of value.

 

We provide appraisal review services throughout the suburban areas of the east GTA, including the Durham Region (Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice, Bowmanville and Newcastle) as well as parts of Scarborough, Markham and Stouffville.

WHO COMMISSIONS A REVIEW APPRAISAL?

  • A client relying on an appraisal to make a business decision 

  • A client wishing to have two appraisals with divergent opinions reconciled by an unbiased third-party appraiser

  • A client who believes that they have been financially damaged by the appraisal in question 

  • An administrative tribunal or court in a judicial proceeding where the value of specific property rights are in dispute

WHY COMMISSION A REVIEW APPRAISAL?

  • To determine the completeness and/or compliance of appraisal content in the context of a performance standard such as the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) or the client's own appraisal standards  

  • To determine the quality of an appraisal as to the reliability of the conclusion, related to the analysis undertaken, the type of supporting data, amount of supporting data, accuracy of the supporting data, level of data investigation, and relevance of the data to the appraisal problem and Scope of Work

TYPES OF REVIEW APPRAISALS

There are four types of review appraisals: Compliance/Administrative Reviews; Non-Technical Desk Reviews; Technical Desk Reviews, and; Technical Field Reviews. 

 

Compliance and non-technical reviews are typically conducted by in-house employees of an appraisal client. These reviews are often completed by non-appraisers, offering limited quality control and are not suitable for negotiation, litigation or arbitration purposes. Technical Desk Reviews and Technical Field Reviews are considerably more thorough than compliance and non-technical reviews and are suitable for a wide range of purposes.

OUR REVIEW APPRAISAL SERVICES 

Apex Appraisal offers Technical Desk Review and Technical Field Review appraisals which are considerably more thorough than compliance and non-technical reviews and are suitable for a wide range of purposes. A summary of these appraisal review types is included below:

 

TECHNICAL DESK REVIEW

  • Verification of all mathematical calculations

  • Review is confined to the data contained in the appraisal under review (i.e., properties are not inspected)

  • Highest and best use conclusion of the appraisal is critically assessed

  • Appraisal methodologies are critically assessed in the context of the Scope of Work

  • Appropriateness of any limiting conditions, hypothetical conditions and extraordinary assumptions in the appraisal are assessed in the context of the Scope of Work

  • Only some errors of omission may be identified (relevant property-specific and non property-specific data)

  • Desk review process does not capture property data intentionally or unintentionally overlooked by the appraiser

  • Professional judgment is exercised

  • Professionally accountable for compliance with review appraisal standards (CUSPAP)

  • May be suitable for a quality control function

  • May be suitable for negotiation or settlement functions

  • May or may not be suitable for litigation, depending on the nature of the dispute

TECHNICAL FIELD REVIEW

  • Incorporates all of the elements of a Technical Desk Review as noted above

  • The subject property and all comparable sales referenced in the appraisal under review are inspected (full inspection is typical for subject and drive-by inspection for comparable sales)

  • Some errors of omission may be identified (relevant property-specific and non property-specific data)

  • Data intentionally or unintentionally overlooked by the original appraiser may be captured due to property inspections

  • Suitable for a quality control function

  • Suitable for negotiation or settlement functions

  • Suitable for litigation

 PROFESSIONAL APPRAISAL STANDARDS 

Our appraisers are highly-trained and experienced professionals who adhere to the highest standards in the field of appraising. We are members of the Appraisal Institute of Canada (AIC), which is guided by a strict Code of Conduct and the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). 

Our membership in the Appraisal Institute of Canada (AIC) and adherence to CUSPAP ensures that your appraiser will:

  • ​Maintain the highest level of integrity and professionalism;

  • Engage in conduct that will instill confidence and protect the public interest;

  • Provide quality services within their areas of competence; and

  • Commit themselves to principles that reflect high standards of professionalism

Members who have achieved a designation with the AIC are widely respected and sought after by investors, federally and non-federally regulated financial institutions, the courts, all levels of government and the private sector. For many, an AIC designated appraiser is the only appraisal professional of choice. Contact Apex Appraisal today to see how we can help.

 LOOKING FOR MORE INFORMATION? 

We also have a Frequently Asked Questions page but please reach out to us... we know that you probably have questions we haven't covered here. You can also fill out our Contact Form or call us at (905)233-2606.

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