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Improving the review process
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Thursday, January 16, 2014
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The word hypothesis is frequently used to describe something that is more than a guess, but falls short of being an established fact. A hypothesis can be disproven, or if evidence can be compiled to support a hypothesis, it can become accepted as a reasonable explanation.
In many ways, a real estate appraisal is a hypothesis that tries to explain the value of a property based on methodology that is largely subjective. The value conclusion is more than a guess, but does not rise to the level of acknowledged fact. If it did, the entire industry we know as appraisal review would cease to exist.
We accept that the appraisal process is flawed; we must acknowledge that the review process is equally flawed.
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