Restricted Appraisal Report or Appraisal Report? What's the difference?
An Appraisal Report must summarize the appraiser’s analysis and the rationale for the conclusions. A Restricted Report is stated information.
A Restricted Appraisal Report allows for more favorable pricing and is typically desired when information is needed for client use only (no other intended users).
USPAP previously had three written report options for real property and personal property appraisals:
1. Self-Contained Appraisal Report,
2. Summary Appraisal Report, and
3. Restricted Use Appraisal Report.
USPAP now has two written report options,
1. Appraisal Report, a summary report, and
2. Restricted Report, a stated report.
The "restricted use" report option name was changed to Restricted Report.
