An appraiser has been asked to provide a restricted appraisal report instead of an appraisal report for a lending assignment. Under USPAP, what is the key difference between these two report options?
Correct Answer
C) A restricted appraisal report contains less detail and restricts the intended users, while an appraisal report provides sufficient information for intended users to understand the appraisal
Under USPAP, a restricted appraisal report contains less detail than an appraisal report and limits intended users (typically to the client only). An appraisal report provides enough detail for intended users to understand the analysis and conclusions.
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