Certified Residential Appraiser Practice Exam

What is the primary responsibility of an appraiser performing an appraisal review according to STANDARD 3?

1. Develop his or her own opinion of value

2. Prepare a client presentation

3. Conduct a market analysis

4. Verify the comparables used

The correct answer is: Develop his or her own opinion of value

The primary responsibility of an appraiser performing an appraisal review according to STANDARD 3 is to develop his or her own opinion of value. This involves evaluating the appraisal methods and results of the initial appraisal to ensure accuracy, adherence to guidelines, and fairness in valuation. The reviewer must understand the purpose of the appraisal, examine its methodology, and consider the conclusions reached in order to form a well-founded opinion of value that may either support or contradict the original appraisal. This task is critical because the appraisal review process does not merely involve checking the original appraiser’s work but requires an independent analysis and assessment of the property value. By developing an independent opinion, the reviewer can provide assurance to clients or stakeholders about the reliability of the appraisal, helping them make informed decisions based on a well-supported valuation conclusion.