The Uniform Standards of Professional Appraisal Practice (USPAP) stipulates that each written real property appraisal report must be prepared using one of two reporting options and prominently state which option is used. These options are as follows:
• Appraisal Report
• Restricted Appraisal Report
The essential difference among the two reporting options is the level of detail in the presentation of information. More specifically, the term Appraisal Report is used to connote a concise presentation of information with most applicable information being presented in a summarized format. In contrast to other reporting format, the term Restricted Appraisal refers to USPAP requirements that this type of report be prepared for client use only, with no other intended users. This last type of appraisal format contains a condensed presentation of information.
Although USPAP stipulates the basic types of reports that are available, the substance of each appraisal report is dictated by the “scope of work” agreed upon between the client and the appraiser. Nevertheless, the appraiser is still bound by USPAP to ensure the appraisal report is appropriate for the client and intended use and/or users.
An important caveat is that USPAP does not allow a restricted report to be used by anyone other than the client or someone intimately familiar with the subject property. |
