USPAP describes two kinds of appraisal analysis and three kinds of appraisal reporting formats.
- Complete Appraisals,
AKA: Complete Analysis Appraisals, Full Analysis Appraisals, Full Appraisals Includes: All applicable analyses and approaches to value Example: Appraisals for mortgage underwriting at the federally insured bank
- Limited Appraisals,
AKA: Limited Analysis Appraisals, Appraisals prepared using the Departure Provision, Agreed-upon Procedure and Analysis Appraisals, Client-Defined Scopes of Services Appraisals Includes: Only those applicable analyses and approaches to value to that the client reasonably requests Example: A cost analysis of an office building to determine insurable value for insurance underwriting
Appraisal Reporting Formats
AKA: Full Narrative Reports, Full Narratives Includes: Full descriptions throughout the appraisal reporting process Example: Appraisals for mortgage underwriting at the federally insured bank
- Summary Reports,
AKA: Executive Summary Reports Includes: Summary descriptions of critical appraisal processes Example: Update Appraisals, Appraisals and Consulting for Tax and Audit Purposes
- Restricted Use Reports,
AKA: Letter Appraisals Includes: Lists critical appraisal processes Example: Acquisition or Disposition Due Diligence Support Appraisal and Consulting Services
These appraisal analysis and reporting format types can be used for traditional appraisals of real estate, personal property or businesses, as well as for appraisal reviews, appraisal consulting, feasibility studies, market studies, mass appraisals, appraisals using automatic valuation models and others.
Links to USPAP
Advisory Opinion 11 (AO-11) provides a summary description of the three reporting formats.