Types of Appraisals
The Uniform Standards of Professional Appraisal Practice (USPAP), which are the state license law requirements for appraisers, governs the types of appraisal reports which appraisers can complete. The three types of appraisal reports are explained below:
- Appraisal with Self-Contained Report
This is the most complete report available. It contains a full reporting of the appraisal process, complete details on comparable data, area and market analysis, etc. This is the most time-consuming to complete and so has the highest appraisal fee.
- Appraisal with Summary Report
This is the most common appraisal assignment. It involves a documented narrative or multi-page form report with an adequate explanation of the appraisal procedure and data used in the valuation.
- Appraisal with Restricted Use Report
This is an abbreviated report. The report is a brief letter with no supporting data included. It is not designed for use by third parties or for new money mortgage purposes and so has limited application.
More information about appraisals:
- The Appraisal Defined
- The Purpose of an Appraisal
- Types of Appraisals
- The Valuation Process