Review assessors confirm the accuracy of property assessments for loans, insurance policies, and government purchases. They examine documentation, visit sites, and compare properties to ensure consistency with industry standards. It takes several years of experience and a license to work as an appraiser.
A review assessor examines the documentation associated with an assessment to confirm its accuracy. This may be required as part of the procedure for originating a loan or insurance policy on a property, where the issuing institution wishes to confirm the value of the property. Government agencies may also have a mandatory review process before making purchases or paying compensation in the interest of consistency and fairness. Typically, several years of real estate appraisal experience are required for jobs in this field, plus a valid license to work as an appraiser if required by regional authorities.
When a property is submitted for review, any documentation generated during the original review can be submitted. The review appraiser examines the report prepared by a professional appraiser, along with other documents and information associated with the property. This may include statements from contractors and pest control specialists, information about historic properties, and other pertinent information. Some properties may warrant a site visit, allowing the valuer to personally inspect the property to verify statements and claims, take photographs and personally generate documentation.
In the course of the review, the appraiser may review comparable properties and look at appraisals generated by the standardized software. All of this information can be brought together to determine whether the original valuation was reasonable. It must be consistent with standards and practices developed by professional organizations and must also follow internal guidelines. The review evaluator can flag properties that were evaluated incorrectly or inconsistently for further investigation to determine the sources of an error.
Reviews can reveal that a property is reasonably valued, given standards and practices, current market conditions and what is known about it. The review appraiser may recommend further action, such as generating a property insurance policy, based on the original value estimate. If there is a problem with the original assessment, the documentation can provide information about the specific nature of the problem and the recommended adjusted value. For example, an on-site inspection may reveal that a home assessed as having two bedrooms actually has only one.
It can take five to seven years of experience to become a review appraiser. It can also help to belong to a professional organization of valuation professionals, as this indicates an interest in following current industry standards and practices. Subscribing to trade publications and attending conferences can help appraisers keep track of developments that may be relevant to property valuation in an accurate and unbiased manner.
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