An Appraisal Report is the highest level of reporting detail. In the Appraisal Report the data and analysis used in the assignment are fully explained, addressing each item in the depth and detail as required by its significance. Specific analyses are reported for the subject property including a market analysis for the specific property type, description of the subject site, the building improvements and their current condition, an Ad Valorem tax analysis for the subject property, and a Highest and Best Use analysis is conducted. A complete explanation of the appraisal methods employed, and the valuation analysis of the property by each of the methods is explained in a step-by-step process. The Appraisal Report typically includes a variety of maps, graphics, and digital images of the subject property and comparables used in the analysis. An Appraisal Report format is typically requested for financial underwriting purposes, litigation, and investment analysis.
In a Restricted Use Appraisal Report the conclusions of the appraisal are stated, but the data and analysis used in the appraisal to develop those conclusions do not need to be included in the report when the appraiser and client have agreed that a Restricted Use Appraisal is appropriate for the assignment. A Restricted Use Appraisal is typically not accepted for financial underwriting purposes. It is most appropriate for when an opinion of value is needed without the need for detailed explanation.
A Form Appraisal Report is delivered in a standardized format of a few pages. It briefly summarizes the pertinent information of the subject property, the comparable sales and/or lease comparables, with an opinion of value conclusion. A Form Report type is typically requested to streamline the client's appraisal review process.