McKissock 15hr National USPAP Practice Test

Standards Rule 2-2 sets the two written report formats that appraisers may use for real property: an Appraisal Report and a Restricted Appraisal Report.

The Appraisal Report is the fuller, more detailed format that presents data, analyses, and the justification behind the appraisal conclusions in a way that can be understood by a broad set of users. It includes more documentation and disclosures about the scope of work and the methods used.

The Restricted Appraisal Report, by contrast, is a shorter form intended for a clearly identified client and for limited use. It conveys the same opinion of value but with less data and fewer disclosures, and it carries explicit restrictions on who can use the report and for what purposes.

Other terms you might see, like Evaluation Report or Summary Appraisal Report, refer to different concepts or formats outside the two standard options defined in 2-2, which are specifically Appraisal Report and Restricted Appraisal Report.