Which phrase sounds better?

[bradellis]

John has this right.

If you want to say in your addendum that it is a complete appraisal, by all means do so. But of the 3 options you presented, only the 3rd one is at all accurate. The first 2 are simply wrong.

To JoAnn, careful my friend on the 2055. It is not necessarily a limited appraisal. If the scope of work does not call for either a cost or an income approach, you will not have departed and, therefore, the appraisal would still be complete.

Brad Ellis, IFA, RAA

 

[Frederick R. Ruffell]

Ryan,
You are still mixing apples and oranges.

It is either a Complete APPRAISAL or a Limited APPRAISAL.

Said appraisal is presented in one of three formats. Restricted REPORT, Summary REPORT, or Narrative REPORT.

Therefore, I use some form of seperation between the complete/limited APPRAISAL and the restricted/summary/narrative REPORT.
i.e. Complete Appraisal - Summary Report.

 

[bobburnitt]

This crap is what makes this business interesting and frustrating at the same time.

USPAP makes it extremely clear that the reporting option ( Restricted, Summary, Selfcontained) must absolutely, positively, and without a doubt be stated. This makes perfect sense, I believe it is supposed to prevent the appraiser from backing up, after he has submitted the report, from wussing out after the fact, with excuses why he didn't include this or that. By stating the reporting option, it should be clear that all pertinent data is either in the file and in the report or in the file and not in the report. That ain't a bad idea.

By stating whether or not the appraisal is Complete or Limited, I believe the intention is to make absolutely clear whether or not departure has been invoked. That makes perfect sense to me as well. If the report is a Limited Appraisal, it must be clearly stated, don't chew know. By stating it is a Complete Appraisal, you have clearly stated that departure has *NOT* been invoked. USPAP is HEAVY on the reporting option, but less adamant on stating the type of appraisal (unless it is a Limited Appraisal). However, USPAP is heavy on declaring a Limited Appraisal when it is a LIMITED APPRAISAL. Therefore, one might look at it like this: If you are doing a Complete Appraisal, well maybe, all you have to do is declare that the report is either Restricted, Summary, or Selfcontained. If the report is a Limited Appraisal, then you would do well to declare that the report is a Limited Appraisal / Summary Report etc.

I ALWAYS state PROMINENTLY at the beginning of the report (and throughout the report) the type of appraisal, and the reporting option. I have been taught that this can only be Complete or Limited Appraisal --- Restricted, Summary, or Selfcontained *period*, the six options I stated earlier in this post. It is possible that I was intructed to do the wrong thing, but I can't find anything to turn it over in USPAP.

One thing is for sure with me, under the current USPAP, there is nothing to indicate that a Complete Appraisal / Narrative Report is correct.

Help me out here, and correct me if I am wrong (and I know you will).

BB in Texas

 

[Frederick R. Ruffell]

"By stating whether or not the report is Complete or Limited, I believe the intention is to make absolutely clear whether or not departure has been invoked."

Bob!
A REPORT cannot be Complete or Limited only an APPRAISAL can be limited!!!!!!

 

[bobburnitt]

I know that.
I didn't say that a report is Limited, well, except when I say report in the context I was using it in I mean APPRAISAL. I know that doesn't make sense.

I will start over. There is NO Limited Report, only Limited Appraisals. Never said there is a Limited Report. What I meant by report (in little letters) was an Appraisal. Clear as mud.

Look at my original post:

Complete Appraisal / Restricted Report
Complete Appraisal / Summary Report
Complete Appraisal / Selfcontained Report
Limited Appraisal / Restricted Report
Limited Appraisal / Summary Report
Limited Appraisal / Selfcontained Report

That is all there is, there ain't no more.

It is a habit of mine to say " I did two reports today, one was a Limited Appraisal / Summary Report and the other report was a Complete Appraisal / Summary Report"--------get it?

The post in question has been so edited for clarity.

BB in Texas

 

[Frederick R. Ruffell]

Bob,
I know you get , and I get , and most everyone else with a little USPAP experiance gets it, it is Ryan we are helping to see the light and we can only do that by saying (typing) what we mean as accurately as we know how. How did you go back and edit your post?? I responded to your post last night and checked this morning and thought I was going mad!!

 

[bobburnitt]

Fred,

You are right, words are important. One I notice all the time is everybody calls real estate agents realtors, or rilliters. There is no such thing as a realtor. It is Realtor, a copyrighted term. Not a big deal, I just notice it. It is a bad habit of mine to refer to appraisals as 'reports' when I am speaking. This time my very casual speaking manner spilled over into my casual, but less casual writing. I fixed it to avoid confusion.

You can edit your post by clicking on the edit tab at the upper right hand corner of the post. That is a great feature.

BB in Texas

 

[Frederick R. Ruffell]

Bob,
Thanks, I never noticed the edit tab as it appears only on one's own posts.