Glossary of Terms
A review value is an independent opinion of value developed by a reviewing appraiser as part of an appraisal review assignment. It reflects the reviewer’s own conclusion of value and is not a correction or modification of the original appraisal report.
Appraisal review is governed by USPAP Standard 3, which establishes requirements for developing and reporting a review opinion. Depending on the scope of work, a reviewer may evaluate an appraisal for completeness, accuracy and compliance, and in some cases develop a separate opinion of value when sufficient market data supports that conclusion. This is distinct from simply agreeing or disagreeing with the original report.
In lending and home equity contexts, a review value that differs from the original appraisal may prompt additional underwriting review, reconsideration of value or changes to loan terms. When developed, it is a separate professional opinion subject to USPAP compliance for appraisal review assignments.