Efficiently ensure the legitimacy and accuracy of property appraisals with our thorough Appraisal Quality Control Checklist, safeguarding against fraud.
1
Collection of appraisal report
2
Verify the identity of the appraiser
3
Check appraiser's license and status
4
Ensure the physical inspection of the property
5
Cross-verify the property details
6
Compile the comparable sales used in the report
7
Check the sales comparables through public records
8
Ensure appropriate adjustments to the comparables
9
Computation of final property value based on appraisal report
10
Check consistency with prior appraisals
11
Approval: Supervisor's review of final property value
12
Ensure compliance with Uniform Standards of Professional Appraisal Practice
13
Check for potential appraisal fraud
14
Review the appraisal report summaries
15
Approval: Manager
16
Documentation of appraisal process and final decision
17
Store and safeguard the appraisal report
18
Prepare report for audit
19
Distribute final appraisal report
Collection of appraisal report
This task involves collecting the appraisal report for review. The report is a crucial document that provides an assessment of the property's value. It is essential to collect the report promptly to ensure a smooth appraisal quality control process. The desired result is to have the complete appraisal report in hand, ready for verification. To accomplish this task, you will need access to the designated location where the appraisal reports are stored and the necessary authorization to collect them. In case the report is missing or unavailable, consult with the appropriate person or department to resolve the issue and proceed with the quality control process.
Verify the identity of the appraiser
Confirming the identity of the appraiser is crucial to ensure the credibility of the appraisal report. This task involves verifying that the appraiser mentioned in the report is the same as the person who conducted the appraisal. The desired result is to confirm the identity of the appraiser beyond any doubt. To accomplish this task, you may need to cross-check the appraiser's details mentioned in the report with relevant records or ask for additional identification proof if required. In case of any discrepancies or doubts, consult with the concerned authority or supervisor for further validation.
Check appraiser's license and status
Verifying the appraiser's license and status is vital to ensure compliance with the regulatory requirements. This task involves checking if the appraiser holds a valid license and has an active standing with the relevant licensing authority or association. The desired result is to confirm that the appraiser is legally authorized to conduct appraisals. To accomplish this task, you will need access to the necessary databases or platforms to check the license and status of the appraiser. In case of any discrepancies or issues with the license or status, consult with the appropriate authority or supervisor for further guidance.
1
Active
2
Inactive
3
Under Review
4
Expired
Ensure the physical inspection of the property
Physical inspection of the property is a crucial step in the appraisal process. This task involves verifying that the appraiser physically inspected the property mentioned in the appraisal report. The desired result is to ensure that the appraiser has personally visited the property to gather accurate information. To accomplish this task, you may need to review the appraiser's notes, photographs, or other evidence of the property inspection. If there are any doubts about the physical inspection, consult with the appraiser or supervisor for clarification.
1
Photographs
2
Field notes
3
Sketches
4
Other documentation
Cross-verify the property details
Cross-verifying the property details mentioned in the appraisal report is essential for ensuring accuracy. This task involves comparing the property information provided in the report with available records or sources. The desired result is to confirm that the property details mentioned in the report are correct. To accomplish this task, you will need access to property records, public databases, or other reliable sources of information. If there are any discrepancies or inconsistencies, consult with the appraiser or appropriate authorities for resolution.
1
Property records
2
Public databases
3
Previous appraisal reports
4
Other sources
Compile the comparable sales used in the report
Check the sales comparables through public records
Ensure appropriate adjustments to the comparables
Computation of final property value based on appraisal report
Check consistency with prior appraisals
Approval: Supervisor's review of final property value
Will be submitted for approval:
Computation of final property value based on appraisal report
Will be submitted
Check consistency with prior appraisals
Will be submitted
Ensure compliance with Uniform Standards of Professional Appraisal Practice
Check for potential appraisal fraud
Review the appraisal report summaries
Approval: Manager
Documentation of appraisal process and final decision
