What is NOT a function of an appraisal review?

In the context of appraisal review, it is essential to understand the typical functions involved. A primary role of an appraisal review is to ensure that the evaluations conducted adhere to established professional standards. This includes checking the accuracy of value conclusions to confirm they are well-supported and justified based on the data used. Additionally, appraisal reviews evaluate the work of appraisers to assure quality, rigor, and adherence to methodologies.

However, formulating new appraisal standards is not a function of appraisal review. This task typically falls to professional organizations or regulatory bodies that establish the guidelines and standards for appraisal practice. Reviews are focused on assessing existing work rather than creating new frameworks or policies. Therefore, recognizing the purpose of appraisal reviews clarifies why the option regarding the formulation of new appraisal standards does not align with its established functions.