A review is defined in the Uniform Standards of Professional Appraisal Practice (USPAP) as:
APPRAISAL REVIEW: (noun) the act or process of developing an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment; (adjective) of or pertaining to an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment.
Comment: The subject of an appraisal review assignment may be all or part of a report, workfile, or a combination of these
Inherent in this definition is that the work relates to an appraisers work, not the work of another party such as an agent, or an accountant, and that the review is specific to work that was part of an appraisal or appraisal review. It also relates to the fact that this may pertain to all of that work, or part of that work, or even the appraisers workfile. A review does not automatically address the opinion of value expressed in the work under review, but may include that as part of the agreement with the client. For example, an attorney may hire an appraiser to review work they had completed as they were concerned the work was not adequately supported or following standards, and need to ensure, before trial, that they have a credible product. The attorney may not need an opinion of value as part of the process, or it may be a critical element. Any opinion of value, be it agreement, more than, less than, or an alternate number, is considered an appraisal in addition to the review.