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appraisal types

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the differences between the 3 different types of appraisals.

The essential difference among the 3 options is in the use and application of the terms describe," "summarize," and "state."

• Describe is used to indicate a comprehensive level of detail in the presentation of information.

• Summarize is used to indicate a more concise presentation of information.

• State is used to indicate the minimal presentation of information.

self contained appraisal report

summary appraisal report

restricted appraisal aeport

state the client and any intended users, by name or type;

state the client and any intended users, by name or type;

state the identity of the client by name or type;

state the intended use of the appraisal;

state the intended use of the appraisal;

state the intended use of the appraisal;

describe information sufficient to identify the real estate or personal property involved in the appraisal, including the physical and economic property characteristics relevant to the assignment;

summarize information sufficient to identify the real estate or personal property involved in the appraisal, including the physical and economic property characteristics relevant to the assignment;

state information sufficient to identify the real estate or personal property involved in the appraisal;

state the property interest appraised;

state the property interest appraised;

state the property interest appraised;

state the purpose of the appraisal, including the type and definition of value and its source;

state the purpose of the appraisal, including the type and definition of value and its source;

state the purpose of the appraisal, including the type and definition of value and its source;

state the effective date of the appraisal and the date of the report;

state the effective date of the appraisal and the date of the report;

state the effective date of the appraisal and the date of the report;

describe sufficient information to disclose to the client and any intended users of the appraisal the scope of work used to develop the appraisal; 

summarize sufficient information to disclose to the client and any intended users of the appraisal the scope of work used to develop the appraisal; 

state the extent of the process of collecting, confirming, and reporting data or refer to an assignment agreement retained in the appraiser's work file, that describes the scope of work to be performed;

state all assumptions, hypothetical conditions and limiting conditions that affected the analyses, opinions and conclusions;

state all assumptions, hypothetical conditions and limiting conditions that affected the analyses, opinions and conclusions;

state all assumptions, hypothetical conditions and limiting conditions that affected the analyses, opinions and conclusions;

describe the information analyzed, the appraisal procedures followed and the reasoning that supports the analyses, opinions and conclusions;

summarize the information analyzed, the appraisal procedures followed and the reasoning that supports the analyses, opinions and conclusions;

state the appraisal procedures followed, the value opinion(s) and conclusion(s) reached and reference the work file;

state the use of the property existing as of the date of value and the use of the real estate or personal property reflected in the appraisal; and, when the purpose of the assignment is market value, describe the support and rationale for the appraiser's opinion of the highest and best use of the real estate or personal property;

state the use of the property existing as of the date of value and the use of the real estate or personal property reflected in the appraisal; and, when the purpose of the assignment is market value, summarize the support and rationale for the appraiser's opinion of the highest and best use of the real estate or personal property;

state the use of the property existing as of the date of value and the use of the real estate or personal property reflected in the appraisal; and, when the purpose of the assignment is market value, state the support and rationale for the appraiser's opinion of the highest and best use of the real estate or personal property;

state and explain  the reason for excluding any of the usual valuation approaches;

state and explain  the reason for excluding any of the usual valuation approaches;

state and explain the exclusion of any of the usual appraisal approaches; and state a prominent use restriction that limits use of the report to the client and warns that the appraiser's opinions and conclusions set forth in the report cannot be understood properly without additional information in the appraiser's work file;

include a signed certification in accordance with Standards Rule 2-3 or 8-3

include a signed certification in accordance with Standards Rule 2-3 or 8-3

include a signed certification in accordance with Standards Rule 2-3 or 8-3