Which statement correctly describes a review appraisal’s function?

A review appraisal primarily aims to assess the accuracy of the methodology used in the original appraisal. This process involves a critical evaluation of the techniques, data, and reasoning that were employed to arrive at the final valuation. By focusing on the methodological aspects, the review appraisal determines whether the original appraisal process adhered to accepted standards and practices, which is essential for maintaining the integrity and reliability of appraisals in the market.

While validating market trends, ensuring compliance with ethical standards, and summarizing findings are important components of the appraisal process, they do not specifically capture the fundamental function of a review appraisal. The essence of a review lies in confirming that the methods used were appropriate and that the conclusions drawn are based on sound analysis and data interpretation.