What type of assignment involves both a review and a value opinion by the reviewer?

The type of assignment that involves both a review and a value opinion by the reviewer is known as a 2-Stage assignment. In this context, the first stage typically involves the reviewer assessing the existing appraisal or valuation work while the second stage includes the reviewer forming their own independent opinion of value based on the review conducted. This dual approach is critical in ensuring that the appraised value is both accurate and compliant with applicable standards.

In essence, a 2-Stage assignment emphasizes the significance of a thorough review process, followed by the generation of a new value conclusion by the reviewer, thereby providing a comprehensive evaluation of the property in question. Such assignments are particularly valuable in complex appraisal scenarios where multiple opinions and validations may be necessary to reach a sound conclusion.

Understanding this concept is essential for appraisers, as it highlights the integration of both analytic review skills and substantive valuation expertise in providing a holistic appraisal result.