The two written report options stated and Standards Rule 2-2 are

• A. Appraisal Report and Restricted Appraisal Report
• B. Appraisal Report and Summary Appraisal Report
• C. Restricted Appraisal Report and Evaluation Report
• D. Appraisal Report and Appraisal Review

Answer: (A)

Under USPAP, Standards Rule 2-2 establishes the two written report options you can deliver for an appraisal assignment. The best choice names the Appraisal Report and the Restricted Appraisal Report. The Appraisal Report is the full, detailed written document intended for use by a broad audience; it presents the rationale, data, analysis, and conclusions in a way that others can rely on. The Restricted Appraisal Report, by contrast, is a concise report prepared for and restricted to the client (and uses restrictions on use and disclosure). It still includes the necessary certification, but it limits what and to whom the appraisal can be relied upon.

Other document types you might see in practice—such as a Summary Appraisal Report, an Evaluation Report, or an Appraisal Review—serve different purposes or contexts and are not the two report options specified by Standards Rule 2-2. A Summary Appraisal Report is a shorter form that still isn’t the same as the restricted-use option, an Evaluation Report is a separate type of assignment, and an Appraisal Review is a separate engagement that evaluates another appraisal rather than a primary appraisal report.