USPAP Services
USPAP describes two kinds of appraisal analysis and three kinds of appraisal reporting formats.
Appraisal Analyses
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
Self-Contained
| 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
Statement on Appraisal Standards No. 7 (SMT-7) and Advisory Opinion 15 (AO-15) provide advice and description of Complete Appraisal and Limited Appraisals.
Advisory Opinion 11 (AO-11) provides a summary description of the three reporting formats.