The Appraisal Institute review designation program took effect Jan. 1, 2014. The first new Appraisal Institute designations in more than 20 years are: AI-GRS and AI-RRS. The AI-GRS for Commercial and the AI-RRS
The Appraisal Institute established a professional appraisal review designations program in response to the growing and critically important role that appraisal review plays in risk management and mitigation for many clients/users of appraisal services. The new designation program is aimed at providing professional reviewers with the knowledge and skills needed to satisfy issues related to due diligence and risk management often requested by their employers and clients.
Review Theory—Residential is the fundamental review course that all reviewers should have in their education background. It is a required course for individuals pursuing the Appraisal Institute Residential Review Designation.* Participants embark on an in-depth journey of the seven steps outlined in the review process, which is at the core of this course. To be a reviewer, an appraiser must learn how to develop opinions of completeness, accuracy, adequacy, relevance, and reasonableness relative to the work under review. These opinions must be refined through tests of reasonableness in order to develop opinions of appropriateness and credibility.
The Seven steps in the Review Process
• Define review
• Distinguish between appraisal and review
• Evaluate the necessary knowledge and skills required to complete reviews
• Distinguish between trivial and material errors
• Identify types of review assignments and the process employed in the reviewer’s scope of work
• Recognize regulatory compliance issues for review appraisers
• Identify the steps necessary to effectively communicate the review