Which pair names the two current written real-property appraisal reporting options under SR 2-2?
Correct Answer
A) Appraisal Report and Restricted Appraisal Report
SR 2-2 provides Appraisal Report and Restricted Appraisal Report as the two written reporting options, each with applicable content requirements. Self-contained and summary are obsolete USPAP reporting-option names. Desktop/hybrid describe assignment workflows, and narrative/form describe presentation styles; neither pair replaces the required reporting option.
Why This Is the Correct Answer
Option A is correct because SR 2-2 states that each written real property appraisal report must be prepared under one of two options, Appraisal Report or Restricted Appraisal Report, and must prominently state which option is used. A Restricted Appraisal Report may be provided when the client is the only intended user or when additional intended users are identified by name.
Why the Other Options Are Wrong
Option B: Self-Contained Appraisal Report and Summary Appraisal Report
Option B, Self-Contained Appraisal Report and Summary Appraisal Report, names obsolete reporting options that are no longer part of current USPAP.
Option C: Desktop Appraisal Report and Hybrid Appraisal Report
Option C, Desktop Appraisal Report and Hybrid Appraisal Report, describes assignment workflows or product types, not the SR 2-2 reporting options.
Option D: Narrative Appraisal Report and Form Appraisal Report
Option D, Narrative Appraisal Report and Form Appraisal Report, describes presentation styles; either style must still be prepared under one of the two SR 2-2 options.
Appraisal or Restricted, nothing else
Current written real property reports come in two flavors: Appraisal Report and Restricted Appraisal Report.
How to use: Use this when answer choices mix old option names or format styles with the current options.
Exam Tip
Self-contained and summary are outdated names; desktop, hybrid, narrative, and form are not reporting options.
Common Mistakes to Avoid
- -Using obsolete self-contained or summary report names
- -Confusing presentation formats with reporting options
- -Treating desktop or hybrid products as USPAP reporting options
Concept Deep Dive
Analysis
This question tests the names of the two current written reporting options for real property appraisals. SR 2-2 requires each written report to be prepared under the Appraisal Report or Restricted Appraisal Report option and to state which is used. Other pairs are obsolete names, workflow types, or presentation styles.
Background Knowledge
Each reporting option has its own content requirements, with the Restricted Appraisal Report containing less detail and a limitation on intended users. Standard 2 does not dictate form, format, or style, so a form or narrative report can use either option.
Real-World Application
An appraiser prepares a valuation of a house that a bank needs only to monitor an existing loan, and the bank is the only intended user. Because the bank's requirements allow that option for this use, the appraiser chooses the Restricted Appraisal Report option and prominently labels the report as such.
More USPAP Questions
Under USPAP, what are assignment results?
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Under 2024 USPAP Standard 1, which listed assignment element must be identified in developing a real property appraisal?
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According to USPAP, what is the primary purpose of the Ethics Rule?
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Which list gives the sections of the 2024 USPAP Ethics Rule?
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