Rule 539-3-.03 - Review of Appraisals(1) An appraisal review assignment shall consist of developing and reporting an opinion of the quality of another appraiser's work.(2) In undertaking an appraisal review assignment, the appraiser must: (a) identify for the appraisal review assignment the client, the intended users, the subject, the effective date, the purpose of the assignment, and the scope of work to be performed;(b) develop and report a credible opinion of the quality of another appraiser's work including, but not limited to, an opinion as to whether the data is adequate and relevant, the appraisal methods used are appropriate, and the analyses, opinions, and conclusions in the work being reviewed are reasonable and appropriate; and(c) disclose in the appraiser's report the nature, extent, and detail of the review process undertaken and include all known pertinent information.(3) Anytime an appraiser develops and reports an opinion of value that agrees or disagrees with the opinion of value developed and reported in an appraisal assignment performed by another appraiser, that opinion is an appraisal, not a review of an appraisal. When the purpose of an appraisal review assignment also requires that the appraiser develop an opinion of value of the subject of the review assignment, that requirement must be identified in the purpose and scope of work of the appraisal review assignment and the appraiser must comply with the applicable standards for developing an appraisal.Ga. Comp. R. & Regs. R. 539-3-.03
Authority O.C.G.A. Secs. 43-39A-13, 43-39A-18, 43-39A-18(a)(8).
Original Rule entitled "Management" adopted. F. Sept. 25, 1990; eff. Oct. 15, 1990.Amended: March 10, 1993; eff. March 30, 1993.Repealed: New Ruleentitled "Review Appraisals" adopted. F. Sept. 26, 1997; eff. Oct. 16, 1997.Amended: F. Jan. 21, 2000; eff. Feb. 10, 2000.Amended: Rule retitled "Review of Appraisals." F. Jan. 26, 2001; eff. Feb. 15, 2001.Amended: F. June 22, 2006; eff. August 1, 2006, as specified by the Agency.