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How short can a report be and still be USPAP compliant?

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masmia

Sophomore Member
Joined
Oct 16, 2007
Professional Status
Certified General Appraiser
State
Florida
Depending on the specific clients needs I sometimes provide a restricted use appraisal report in letter format which basically consists of the letter of transmittal followed by the certification and statement of limiting conditions. Is this about as short as I can get while still being USPAP compliant? Thanks for your input.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
You must cover all the reporting requirements of Std 2, 11 items and the development requirements in Std 1.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Our shortest restricted use is 10-15 pages.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
You must cover all the reporting requirements of Std 2, 11 items and the development requirements in Std 1.


I have done the same as Mr Rex has indicated above, and with legible size type, find that it takes a minimum of six to seven pages. I have seen those that say they have developed a restricted use report compliant with USPAP that was one page (front and back) however the type was very small.
I find the charts within USPAP showing the items which must be included in a compliant report for Self Contained, Summary and Restricted to be very useful in these instances.
 

Caligirl

Senior Member
Joined
Jan 27, 2006
Professional Status
Certified General Appraiser
State
California
Don't forget the workfile supporting your restricted use report needs to contain enough information to be able to produce a *summary* report.

FYI check out AO11 and AO12.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Depending on the specific clients needs I sometimes provide a restricted use appraisal report in letter format which basically consists of the letter of transmittal followed by the certification and statement of limiting conditions. Is this about as short as I can get while still being USPAP compliant? Thanks for your input.

Masmia,

And tell me, what are you going to do the day one of those clients demands a 100% complete copy of every little thing in your work file?

Webbed.
 

Hal Mann

Senior Member
Joined
Jan 19, 2005
Professional Status
Certified General Appraiser
State
New York
Don't See Much Demand For This

It's surprising there's much demand for restricted-use appraisals. Have you found significant demand for that service in your market? And is that for commercial appraisals?
 

PL1957

Senior Member
Joined
Jul 19, 2004
Professional Status
Certified General Appraiser
State
Illinois
It's surprising there's much demand for restricted-use appraisals. Have you found significant demand for that service in your market? And is that for commercial appraisals?
We are doing more and more restricted reports, usually for "non-traditional" valuation assignment for non-lending clients. Those are the people who don't want an appraisal, but want to know what the property is worth,
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
How short can a report be and still be USPAP compliant?
Depends on the font size. :)

Net of the assumptions and limiting conditions - maybe two pages, letter size, 12-point font.
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
It's surprising there's much demand for restricted-use appraisals.
Almost all of my reports are restricted use (one user). I just exceed the minimum reporting requirements by about 30 pages.
 
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