Appraisal reviews help our customers and their counsel to determine if previously contracted appraisers adhered to legal standards required under federal law. Have you previously hired an alleged spirits & wine appraiser, winery appraiser, brewery or distillery appraiser and later questioned their work, and or the validity of their appraisal report? Were you you unsatisfied with their work product and final appraisal report? Did you ultimately discover after spending your money that the appraiser’s performance and appraisal report was less than acceptable? You now have recourse. We provide our clients with “Appraisal Review” services.
Tom DiNardo is our Appraisal Review specialist. View his qualifications here. Watch wine appraisal specialist Tom DiNardo in his appraisal educational video to learn more about the responsibilities and obligations of professional appraisers
According to the Uniform Standards of Professional Appraisal Practice (USPAP) an “Appraisal Review” is defined as follows: “The act or process of developing and communicating an opinion about the quality of another appraiser’s work that was part of of an appraisal, appraisal review, or appraisal consulting assignment”. USPAP is a federal law created by US Congress in 1986 after the 1985 Savings & Loan banking fiasco. Appraisal reviews are an invaluable tool.
An Appraisal Review is performed by a qualified, accredited, professional appraiser. It is the professionally written evaluation of the prior appraiser’s appraisal report and or workfile. The professional Appraisal Review notes in particular where the prior appraiser’s work, and or their prepared appraisal report, either conformed to and or deviated from USPAP. Included in the Appraisal Review is the in depth examination of the appraiser’s qualifications and a written confirmation and or denial the prior appraiser’s adherence to accepted appraisal theory, appraisal methodology, appraisal practices, and the federal guidelines mandated by the USPAP law. Missing information gaps obtained from the prior appraisal report are filled in in an Appraisal Review. Appraisal Reviews are especially useful in situations involving contested assets, litigation, and contractor disputes.