Forms of an Appraisal Report

A self-contained appraisal report fully presents the information, analyses, and reasoning used to form the appraiser’s value estimate (Ventolo & Williams, 2012). The report contains all necessary information, and the appraiser’s files are not cited (Mountainseed, 2017). The self-contained appraisal report includes information necessary to identify the real estate under consideration for the evaluation and any pertinent physical and economic qualities (Simpson & Simpson, n.d.). Additionally, it fits the requirements of lenders and significant institutions, although occasionally, it might take time to comprehend due to the vast amount of information.

Although more comprehensive than a self-contained report, a summary appraisal report must contain enough data to help the customer reach the appraiser’s judgment (Ventolo & Williams, 2012). In order to produce the appraiser’s opinion of value, it merely provides summaries of the information, reasoning, and analyses employed in the assessment process (Simpson & Simpson, n.d.). Supporting documentation for the information, logic, and analyses left out of the report remains in the appraiser’s file (Mountainseed, 2017). This report’s in-depth analysis suits the customer’s demands and intended application.

An appraisal report with restricted use is created for a particular customer and a specified use (Ventolo & Williams, 2012). The appraisal was completed per Standard 1 of the Uniform Standards of Professional Appraisal Practice and was prepared per Standard Rule 2-2 (c) of that appraisal (Simpson & Simpson, n.d.). The appraiser’s results are stated in this report without explaining the information, logic, or analyses utilized to form the opinion of value (Simpson & Simpson, n.d.). The appraiser’s work file contains all the evidence, justification, and analysis to support their conclusions (Mountainseed, 2017).

Talk about the sections that are present in every type of assessment report. Discuss the sections that are different depending on the type of property, the report usage, the appraisal technique, etc.

In order for the intended users of the appraisal to understand the report properly, all forms of appraisal reports must: (1) clearly and accurately present the appraisal in a way that will not be misleading; (2) contain enough information to do so; and (3) disclose any extraordinary assumptions, hypothetical conditions, or limiting conditions that have a direct impact on the appraisal and explain how they affect value (Ventolo & Williams, 2012). The main distinction between these reports is the quantity and depth of information provided according to the type of appraised property.

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.

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