restricted use appraisals vs summary and self contained

[bubba31]

Hello,

Am i correct that 1004 resiedential reports, ordered by my client ( a bank ) would in fact be a restricted use?

I would have no other client and want to make sure I understand the differences.

Thank You

 

[Lee Lansford]

The 1004/URAR is a summary report form.

I provide many appraisals with the client being the sole identified intended user and most all of these are summary appraisals.

 

[Mike Kennedy]

Hello,

Am i correct that 1004 resiedential reports, ordered by my client ( a bank ) would in fact be a restricted use?

I would have no other client and want to make sure I understand the differences.

Thank You

2-2C See the Comments
http://www.USPAP.org/USPAP/stds/sr2_2.htm

 

[Jerry Bone Jr]

Hello,
Am i correct that 1004 residential reports, ordered by my client ( a bank ) would in fact be a restricted use?
I would have no other client and want to make sure I understand the differences.
Thank You

How can a Certified Residential Appraiser ask this question?

 

[PropertyEconomics]

Hello,

Am i correct that 1004 resiedential reports, ordered by my client ( a bank ) would in fact be a restricted use?

I would have no other client and want to make sure I understand the differences.

Thank You

Bubba ... I strongly suggest you read the certifications you sign regarding the 1004 appraisal form. I too have to wonder how a certified appraiser could possibly ask this question .... while others will tell you to read a certain section of USPAP I offer you a very strong suggestion to read (and I mean READ) USPAP in its entirity including the FAQs and the AO's .... you really really need to!!

 

[Stone]

How can a Certified Residential Appraiser ask this question?

That was my question, as well.

 

[Terrel L. Shields]

Think that there are a lot of investigators and others who argue that the report is the lowest common denominator. If, for instance, you "State" the land value (site value) but do not "Summarize" how you got it, then the whole report is rendered to that lowest level...ie.- a "restricted" report. I find such logic as enigmatic as I do the differentiation of the three levels of reporting. I wish they would go away and we were allowed to report the results of our findings tailored to the client's wishes and common sense.

I can think of at least one past president of a national appraisal group, instructor - including USPAP certified who argued (years ago) that a URAR was a "limited" appraisal

 

[PropertyEconomics]

Think that there are a lot of investigators and others who argue that the report is the lowest common denominator. If, for instance, you "State" the land value (site value) but do not "Summarize" how you got it, then the whole report is rendered to that lowest level...ie.- a "restricted" report. I find such logic as enigmatic as I do the differentiation of the three levels of reporting. I wish they would go away and we were allowed to report the results of our findings tailored to the client's wishes and common sense.

The bolded will render many an appraiser incapable of making the decision! :new_all_coholic:

 

[Terrel L. Shields]

The bolded will render many an appraiser incapable of making the decision!

Well, there certainly seemed to be a loss of common sense at some point in the 90s when USPAP underwent the changes of 94 and 99. Neither were helpful in any way. I see USPAP change for the better very slowly in the past 10 years, some thanks go to D. Wiley and others for that, but certainly I have little confidence it will be substantially improved before I return to room temperature....but eliminating the "three" reporting options would be a great start...

Frankly, i want to see Fannie mae banned from creating forms. I want to see that task taken over by ASB and the appraiser given the choice to provide a "form" approved by ASB or a narrative like the "old" narratives which were often described in my early career as either a "Short or limited" report or a "full" report. "Limited" meant a lot different thing then than after 1994 and before departure was put to sleep.

 

[Michigan CG]

Hello,

Am i correct that 1004 resiedential reports, ordered by my client ( a bank ) would in fact be a restricted use?

I would have no other client and want to make sure I understand the differences.

Thank You

Instead of jumping on you for the question I would ask, why do you think the reports would be a restricted use appraisal?

I am assuming (for reference) you have a current version of USPAP, a copy of The Dictionary of Real Estate Appraisal and a copy of Appraising Residential Properties published by the AI.