Forms of an Appraisal Report

Forms of an Appraisal Report

Self-Contained Appraisal Report

A Self-Contained Appraisal Report is a thorough presentation of the data, analyses, and reasoning that led to the appraiser’s opinion of value (Ventolo & Williams, 2012). All appropriate information is contained within the report and not referenced in the appraiser’s files (Mountainseed, 2017). The self-contained appraisal report contains information sufficient to identify the real estate involved in the appraisal, including the physical and economic characteristics relevant to the assignment (Simpson & Simpson, n.d.). Also, it satisfies the needs of lenders and large institutions but can sometimes be difficult to read due to the massive amount of information.

Summary Appraisal Report

A Summary Appraisal Report must contain sufficient information to lead the client to the appraiser’s conclusion, although not as complete as a self-contained report (Ventolo & Williams, 2012). It presents only summary discussions of the data, reasoning, and analyses used in the appraisal process to develop the appraiser’s opinion of value (Simpson & Simpson, n.d.). The appraiser’s file retains supporting documentation concerning the data, reasoning, and analyses not included in the report (Mountainseed, 2017). The depth of discussion in this report is specific to the client’s needs and for the intended use.

A Restricted Use Appraisal Report is made for a specific client and a limited purpose (Ventolo & Williams, 2012). It is prepared under Standards Rule 2-2 (c) of an appraisal performed under Standard 1 of the Uniform Standards of Professional Appraisal Practice (Simpson & Simpson, n.d.). This report contains statements of the appraiser’s findings without explaining data, reasoning, or analyses used to develop the opinion of value (Simpson & Simpson, n.d.). All of the supporting data, reasoning, and analyses in support of the appraiser’s findings are retained in the appraiser’s work file (Mountainseed, 2017).

Discuss the sections that are common to all forms of appraisal reports. Discuss the sections that differ based on the appraisal technique employed, report use, type of property, etc.

All forms of appraisal reports must (1) clearly and accurately set forth the appraisal in a manner that will not be misleading; (2) contain sufficient information to enable the intended users of the appraisal to understand the report properly; and (3) clearly and accurately disclose any extraordinary assumption, hypothetical condition, or limiting condition that directly affects the appraisal and indicate its impact on value (Ventolo & Williams, 2012). The only difference in these reports is the amount and extent of information presented depending on the appraised property type.

References

Mountain seed. (2017). What is the Difference Between Restricted Use, Summary, and Self-Contained Appraisal Reports? Retrieved on August 15, 2017, from https://mountainseed.com/2017/07/18/self-contained-appraisal-report/

Simpson, J. & Simpson, E. (n.d.). Evaluating Appraisals: Which Type of Report Best Suits Your Client’s Needs? Retrieved on August 15, 2017, from a http://www.ccim.com/cire- magazine/articles/evaluating-appraisals/

Ventolo, W. L., Jr., & Williams, M. R. (2012). Fundamentals of Real Estate Appraisal, 11th Edition. [Bookshelf Online]. Retrieved from https://online.vitalsource.com/#/books/9781427745828/

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Identify at least three different forms of an appraisal report.

Discuss the sections that are common to all forms of appraisal reports. Discuss the sections that differ based on the appraisal technique employed, report use, type of property, etc.