2014-15 USPAP Q&A October 9, 2013
3. What are the requirements for each report format under STANDARD 2 and STANDARD 8?
The requirements for an Appraisal Report are very similar to what had been required in a Summary Appraisal Report, and the requirements for a Restricted Appraisal Report are very similar to what had been required in a Restricted Use Appraisal Report.
For more specific information regarding the content requirements under the 2014-15 edition of USPAP, refer to the charts in Advisory Opinion 11, Content of the Appraisal Report Options of Standards Rules 2-2, 8-2, and 10-2.
(https://appraisalfoundation.sharefile.com/download.aspx?id=sdbada817aab47b18#)
4. When is it appropriate to use the Appraisal Report option?
The use of an Appraisal Report is appropriate for any appraisal assignment in which the client may need to understand the appraiser’s rationale, or for an assignment in which the client may not have specialized knowledge about the subject property.
When there are any intended users other than the client, an Appraisal Report is the only written option that is allowed under USPAP.
The Standards Rules for an Appraisal Report establish the minimum level of information that must be included in the report. The appraiser must decide if additional detail or explanation is required, given the intended use and intended users of the report.
Page 4
10. A client asked me to communicate an appraisal using a particular form that is prominently labeled “Summary Appraisal Report.”
Is it acceptable to communicate an appraisal using this report label since a Summary Appraisal Report is no longer referenced in the 2014-15 edition of USPAP?
"Yes, the reporting standards allow other labels in addition to, but not in place of, “Appraisal Report” and “Restricted Appraisal Report.” In this instance, since the label references an “Appraisal Report,” the report must, at a minimum, comply with the reporting requirements of an Appraisal Report in USPAP."
