Standards Rule 3-2

(a)

state the identity of the client, by name or type, and intended users; the intended use of the assignment results; and the purpose of the assignment;(note45)

(b)

state the information that must be identified in accordance with Standards Rule 3-1(b);

Comment: If the identity of the appraiser(s) in the work under review was withheld, state that fact in the review report.

(c)

state the scope of work used to develop the appraisal review;(note46)  

Comment: Because intended users’ reliance on an appraisal review may be affected by the scope of work, the report must enable them to be properly informed and not misled. Sufficient information includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed.

When any portion of the work involves significant appraisal, appraisal review, or appraisal consulting assistance, the reviewer must state the extent of that assistance. The signing reviewer must also state the name(s) of those providing the significant assistance in the certification, in accordance with Standards Rule 3-3 (note47)

(d)

state the opinions, reasons, and conclusions required in Standards Rule 3-1(d-g), given the reviewer's scope of work;
 

Comment: When the reviewer’s scope of work includes expressing his or her own opinion of value, the reviewer must:
 

1.

state which information, analyses, opinions, and conclusions in the material under review that the reviewer accepted as credible and used in developing the reviewer’s opinion of value;
 

2.

summarize any additional information relied on and the reasoning and basis for the reviewer’s opinion of value; 

3.

state all assumptions and limiting conditions; and
 

4.

clearly and conspicuously:

• state all extraordinary assumptions and hypothetical conditions connected with the reviewer’s opinion of value; and

• state that their use might have affected the assignment results.

The reviewer may include his or her own value opinion within the appraisal review report itself without preparing a separate appraisal report. However, data and analyses provided by the reviewer to support a different value conclusion must match, at a minimum, the reporting requirements for a Summary Appraisal Report for a real property appraisal (Standards Rule 2-2(b)) and a personal property appraisal (Standards Rule 8-2(b)), an appraisal consulting report for real property appraisal consulting (Standards Rule 5-2), a mass appraisal report for mass appraisal (Standards Rule 6-8), and an Appraisal Report for business appraisal (Standards Rule 10-2(a)).

(e)

include all known pertinent information; and
 

Comment: The reviewer must provide sufficient information to enable the client and intended users to understand the rationale for the reviewer’s opinions and conclusions.

(f)

include a signed certification in accordance with Standards Rule 3-3.