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Review appraisers at greater risk from lawsuits, attorney says
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The onus of responsibility for inaccurate appraisals has shifted in the post-bubble world of residential evaluations.
Negligence claims against appraisers are becoming less focused on the appraisers who make the actual valuations, and more centered on the review appraisers who check them over, according to a new piece in the Appraisal Institute’s Valuation magazine.
“One explanation for more lawsuits about reviews is the sheer volume of work being performed — more reviews are being performed now than ever before,” wrote Peter Christensen, general counsel for LIA Administrators & Insurance Services, a company that offers insurance and loss prevention information to appraisal professionals. “Another is that some review appraisers lack the necessary competency to perform the work and fail to understand their risk when performing reviews.”
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