The ASA is an international organization of appraisal professionals dedicated to the education, development and growth of the appraisal profession and is the oldest and only major organization representing ALL disciplines of appraisal specialties. The ASA is the only appraisal society that recognizes Appraisal Review and Management (ARM) as a distinct discipline, on par with other disciplines such as Real Property Appraisal, Personal Property Appraisal and Business Valuation.
ARM is recognized by The Appraisal Foundation, the nation’s foremost authority on the valuation profession that sets the Congressionally authorized standards and qualifications for all valuation professionals. ARM is a component of the Uniform Standards of Professional Appraisal Practice (USPAP), Standards 3 and 4.
Appraisal review is “the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment.” A review opinion, depending upon the reviewer’s Scope of Work, may encompass the completeness, adequacy, relevance, appropriateness and/or reasonableness of the work under review.
Within the appraisal review assignment the reviewer may also develop and report an opinion of value; however, the reviewer’s appraisal is a distinct and separate opinion from the review process itself.