CHICAGO (April 14, 2010) – A new book published by the Appraisal Institute provides practical instruction on the appraisal review process and helps promote greater understanding between reviewers and appraisers. The Appraisal Institute is the nation’s largest organization of real estate appraisers.

“Appraising the Appraisal: The Art of Appraisal Review,” second edition, is written by Richard C. Sorenson, MAI. He describes common deficiencies in appraisal reports and offers tips for preparing careful and constructive appraisal reviews that can be applied by appraisers, lenders and other professionals.

The guide includes updated information on scope of work and data verification, real-world examples that highlight the qualities of both effective and ineffective appraisal reports, a new case study, handy checklists and sample review forms.

The 255-page, illustrated softcover book (ISBN: 978-1-935328-08-7) costs $50 ($40 for Appraisal Institute members) plus shipping and handling. To order, go to www.appraisalinstitute.org/store/p-202-appraising-the-appraisal-the-art-of-appraisal-review.aspx

Sorenson is the principal of Appraisal Management Consultants, a firm that assists financial institutions with appraisal review, real estate valuation management and training. Sorenson was previously with First Chicago Bank (1958-1996), now Bank One, in various appraisal and management positions and was the 1995 national president of the Appraisal Institute. He teaches appraisal courses and commercial and residential review seminars and has published numerous articles in appraisal and banking journals.

The Appraisal Institute is a global membership association of professional real estate appraisers, with more than 25,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. For more information regarding the Appraisal Institute, please visit www.appraisalinstitute.org.