Report Types & Certification
~10 min read · Choose Appraisal Report vs Restricted Appraisal Report and what each must contain.
USPAP gives written real-property appraisals exactly two report options — Appraisal Report and Restricted Appraisal Report — separated by depth of content and breadth of intended users. Add the certification's required statements and you have the reporting-rules cluster the exam samples.
The two options
An Appraisal Report must summarize the information analyzed, the appraisal methods used, and the reasoning supporting the conclusions — sufficient for intended users to understand it. A Restricted Appraisal Report may merely state conclusions; it is appropriate ONLY when the client is the sole intended user (per current USPAP, other named parties aside), and it must carry a prominent use restriction warning that the report cannot be properly understood without the appraiser's workfile. The workfile behind a Restricted report must be complete enough to produce an Appraisal Report if needed.
- Appraisal Report: summarize analysis, methods, reasoning
- Restricted: state conclusions; client-only use; warning required
- The workfile must back either at full strength
Required content
Every report identifies: client and intended users, intended use, purpose (type and definition of value), effective date and report date (two different dates — value is opined AS OF the effective date, which may be retrospective or prospective), property and interest appraised, scope of work, assignment conditions (extraordinary assumptions/hypothetical conditions, prominently), and the approaches used or excluded with reasons.
- Effective date ≠ report date; retrospective and prospective values exist
- Interest appraised and intended use stated
- Excluded approaches explained
The certification
The signed certification states (among others): statements are true and correct; analyses are impartial and unbiased; no interest (or disclosed interest) in the property/parties; compensation not contingent on value or outcome; whether the appraiser personally inspected; who provided significant assistance (named); compliance with USPAP; and the prior-services-within-three-years disclosure. Signing adopts responsibility for the whole report.
Worked example
An attorney orders an estate valuation 'as of the date of death, eight months ago, minimal write-up, just for me.' The appraiser inspected last week; a trainee did the comp research. Configure the report correctly.
Client-only intended use fits the Restricted Appraisal Report — conclusions stated, cost saved, with the mandatory warning that outsiders cannot understand it without the workfile (and the caution that if the IRS or court will ever see it, the fuller Appraisal Report is the right call — intended users decide the option). The date structure: a retrospective value — effective date eight months back (date of death), report date this week, both stated; market data must be from the effective date's market. The certification: personal inspection disclosed as of the current date, the trainee's significant assistance NAMED, no contingent fee, prior-services disclosure covered. One assignment touching all three rule sets: report option by intended users, dual dates for retrospective value, certification housekeeping.
Common exam pitfalls
Issuing Restricted reports to multiple user groups.
Restricted fits the client-as-sole-intended-user case — broader audiences require the summarizing Appraisal Report.
Conflating effective date and report date.
Value speaks AS OF the effective date (past, present, or future); the report date is when you signed.
Omitting the trainee from the certification.
Significant assistance is named in the certification — anonymous help violates it.
Summarize for many, state for one with a warning — and every report wears two dates and a signed oath.
Recap
- Two options: Appraisal Report (summarize) vs Restricted (state, client-only, warning)
- Content: users, use, value definition, dates, interest, scope, conditions
- Effective date vs report date; retrospective/prospective values
- Certification: impartiality, interests, contingency, inspection, assistance
- Workfile supports either option fully
- Intended users drive the option choice
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