I'm a residential appraiser with 11 years of experience looking at the IACP to strengthen my credentials for independent review work. The market for independent appraisers doing appraisal review, litigation support, and estate work has been growing and I want the credential to reflect that specialization.
The exam apparently covers USPAP compliance, appraisal review methodology, market analysis, highest and best use analysis, and report writing standards. My USPAP knowledge is current — I do the 7-hour update — but appraisal review is a distinct skill set from producing appraisals, and that's the area I'm studying hardest.
The difference between a desk review, a field review, and a technical review — and the standards that apply to each — is something I've been working through. USPAP Standards 3 and 4 cover appraisal review specifically and I've been reading them carefully alongside the Advisory Opinions.
Any tips from independent appraisers who've taken this exam on what the highest-value prep activities are?
Standards 3 and 4 are exactly the right focus. Know the scope of work decisions in review assignments — what level of review is appropriate for what purpose — and the disclosure requirements when a reviewer develops their own value opinion.
Practice reviewing actual appraisals and documenting your findings in writing. The ability to clearly articulate what's deficient and why is a skill that the exam tests — and it's something you can only develop by actually doing it, not just reading about review methodology.
The litigation support content — expert witness standards, what appraisers can and cannot offer in deposition — is often underprepared. It's a smaller part of the exam but it's where independent appraisers distinguish themselves professionally. Worth solid study time.
Highest and best use is tested more thoroughly than most appraisers expect because it's the foundation for reviewing another appraiser's HBU conclusions. Make sure you can evaluate HBU analysis critically, not just perform it.