Appraisal review.

§ 2201.3–4 Appraisal review. (a) Appraisal reports shall be reviewed by a qualified review appraiser meeting the qualifications set forth in § 2201.3–1 of this part. Statements of value prepared by agency appraisers are not subject to this review. (b) The review appraiser shall determine whether the appraisal report: (1) Is complete, logical, consistent, and supported by a market analysis; (2) Complies with the standards prescribed in § 2201.3–3 of this part; and (3) Reasonably estimates the probable market value of the lands appraised. (c) The review appraiser shall prepare a written review report, containing at a minimum: (1) A description of the review process used; (2) An explanation of the adequacy, relevance, and reasonableness of the data and methods used by the appraiser to estimate value; (3) The reviewing appraiser's statement of conclusions regarding the appraiser's estimate of market value; and (4) A certification by the review appraiser to the following: (i) The review appraiser has no present or prospective interest in the property that is the subject of the review report; and (ii) The review appraiser has not, and will not, receive compensation that was contingent on the approval of the appraisal report.