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Different types of appraisal Reports

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wyecoyote

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Argument please someone spell out the six different types of appraisal reports.

1. Complete 2. Limited

A) Self Contained B) Summary C) Restricted.

Complete Summary Appraisal Report?
Limited Summary Appraisal Report?

or

Summary Appraisal Complete Report?
Summary Appraisal Limited Report?

or

Complete Appraisal Summary Report?
Limited Appraisal Summary Report?

I know this is something we all know but there is an ongoing argument in the office of exactly how to spell them out at the top of the form. We have all agreed to go off of what the message board says. Also there isa $20 bet on what it is.

Thanks,

Ryan
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
"Argument please someone spell out the six different types of appraisal reports."

Sorry, but there are only TWO "types of appraisal reports". Complete and Limited. See Definition on page 1 of USPAP 2002. What your are refering to are "Reporting Options" which is the communication of the results of an appraisal and there are 3 of those. See page 146 of USPAP 2002 which gives guidence on Prominent Statement Of Option Used.

Don't listen to me or anyone else, look it up in USPAP and see for yourself.
Note that I am not saying anything is right or wrong, I am only telling you where to find it in UPAP.

Hope this helps.


Bob
 

rtubbs

Junior Member
Joined
Jan 15, 2002
Ryan, there are only 3 different types of appraisal reports:

Self Contained;
Summary;
Restricted.

The 3 types of reports relate to 2 types of appraisals:

Complete
Limited.
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I wrote there were TWO types of "appraisal reports". I was using a quotation from the QUESTION. There are two types of APPRAISALS (not appraisal reports). By using the poster's QUOTE it did not convey what I was trying to say.

Your response was much more clear than mine.


Bob
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Ryan, I tend to use at the top of the page, only cause I think it SOUNDS better...:

Complete Appraisal, Summary Report Format
[/u]
Limited Appraisal, Summary Report Format

[/b]
I also place
This is a Complete Appraisal, presented in a Summary Report format.
in the body or conclusion area (depends on form).

Somehow the inclusion of the comma and the word FORMAT keeps me right with my lol 9th Grade English teacher's training :lol: 5'1" and talk about steel! She'd roll in her grave over some of my other antics, but I try, I try!
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
A Complete Summary Appraisal Report is my preference, just sounds better. Technically, I believe the Complete Appraisal Summary Report would be the correct syntax...

Also, put in my narratives that it is a Complete (Or limited) appraisal in a Summary (or Self-contained) Reporting format. 99% are Complete appraisals in a Summary format.

Thats my story and I am sticking to it.
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Ryan, there are only 3 different types of appraisal reports:

Self Contained;
Summary;
Restricted.

The 3 types of reports relate to 2 types of appraisals:

Complete
Limited.
This gets my vote.
 

bradellis

Member
Joined
Jan 16, 2002
Ryan,

These folks have it right. There are two types of appraisals- Complete and Limited. The assignment becomes limited the minute you depart. That decision falls under the assignment conditions portion of the scope of work.

Once you know that, you may report your results in one of 3 formats: Self Contained, Summary, and Restricted. Restricted will not work for mortgage lending purposes as more than just your client will see it.

So, two types of appraisals and 3 types of reports.

I like this phrase:

This is a summary report of a complete appraisal developed under Standard 1 of USPAP and reported in conformance with Standard 2 of USPAP.

Do NOT forget to add in your addendum the requirements under USPAP that are NOT covered by the forms, such as intended use and intended users, and departures, if any, and any extraordinary assumptions or hypothetical conditions that may have been applied.

Also, do not forget your workfile. Its contents become inversely proportional to the type of report you issue. Restricted reports need all the data in your file, whereas self contained reports pretty much already contain everything you need, except perhaps your letter of engagement or order that the client issued.

Brad Ellis, IFA, RAA
 

wyecoyote

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Ok All Sorry I was not clear. What I meant and this is what happens when 3 other people are trying to dictate to me what I am typing. What was meant and really wasn't clear though. I understand there are two types of appraisals Complete and Limited. There are three types of reports Self Contained, Summary and Restricted. What was meant and perhaps with no one talking to me while a Type this I can make it more clearly. That these types of appraisals and reporting options gives you 6 variations of a possible appraisal report. So do you state

Complete Summary Appraisal Report?
Limited Summary Appraisal Report?

or

Summary Appraisal Complete Report?
Summary Appraisal Limited Report?

or

Complete Appraisal Summary Report?
Limited Appraisal Summary Report?

Thanks all for the posts and answers. I know that the original post was unclear as to meaning, however, as menitioned above with 3 people talking to me while typing it makes it very difficult to be clear. Now that I'm at home and typing away hopefully it makes more sense or cents. 8)

Thanks again,

Ryan
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Try Again!

Ryan,

I think your question should best be posted as a poll, and limit yourself to EITHER the Limited or complete option, I got what you were trying to accomplish but suspect most other readers did NOT... you muddied the waters with the format:

So run a poll using the poll option at the bottom of the post screen

(as in if you want to use the complete option):
post it again under a new thread:
Which sounds best Takell

ask us:
Which Phrase sounds better:

a. Complete Summary Appraisal Report?
b. Summary Appraisal Complete Report?
c. Complete Appraisal Summary Report?



this also makes it easier to validate the results for your in-office bet!
 
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