APPRAISAL PRODUCTS
The client's needs and the complexity of the assignment will dictate the level of detail that needs to be included in the analysis and appraisal report. The Uniform Standards of Professional Appraisal Practice (USPAP) allows the appraiser to tailor the scope of work to a specific assignment.
Currently, only two report types are prescribed to meet the minimum requirements and reporting standards of USPAP: Restricted Appraisal Report and Appraisal Report.
Both these report types are complete appraisals with certified values, though the level of reporting detail varies significantly.
One thing to keep in mind is that other, modifying words can be used in addition to, but not in replacement of, Appraisal Report and Restricted Appraisal Report. Thus, any appraisal could still be called a Summary Appraisal Report, Self Contained Appraisal Report, or any other term as long as it is followed or paired with Appraisal Report or Restricted Appraisal Report. For this reason, we will reference these report types from time to time.
Appraisal Report
An Appraisal Report contains a moderate or extensive amount of detail, depending on the intended use of the report, scope of work, and property type.
Our Evaluation Reports may seem like they are restricted in scope, however, they do meet the standards of a summary.
Our Summary Reports contain a moderate amount of detail
Our Self-Contained Reports contain an extensive amount of detail
Restricted Appraisal Report
A Restricted Appraisal Report contains minimal detail/content and can only be relied upon by the client, no one else. This type of report is not appropriate for most appraisal situations due to the fact that it contains minimal details and content. Further, this report type may not be understood without additional information contained in the workfile that is not transmitted in the report.