Appraisal Comparison

Feel Comfortable With Our Expert & Dependable Real Estate Appraisers...

Appraisal Comparison - 412.831.1500

Find out the differences between the 3 different types of appraisals. A self-contained appraisal report, summary appraisal report, restricted appraisal report

Appraisal Comparison Appraisal Comparison Appraisal Comparison Appraisal Comparison Appraisal Comparison Appraisal Comparison Appraisal Comparison

Appraisal Comparison

4

Appraisal Comparison

5

Appraisal Comparison

6

Appraisal Comparison

7

Appraisal Comparison

8

Appraisal Comparison

9

Appraisal Comparison

10

themed_object
Use The BEST, Forget The REST!! Non-Lender Specialist
follow me on facebook tweet me

Appraisal Comparison Chart

3 different types of appraisals

The essential difference among the 3 options is in the use and application of the terms “describe,” “summarize,” and”state.” Describe is used to connote a comprehensive level of detail in the presentation of information. Summarize is used to connote a more concise presentation of information. State is used to connote the minimal presentation of information.

NOTE: As of 1/1/2014, only 2 types of appraisal reports have been classified. 1) Appraisal Report 2) Restricted Appraisal Report. The ‘Appraisal Report’ can have elements of both old definitions a) Self Contained and b) Summary.

a) Self Contained Appraisal Report b)  Summary Appraisal Report c) Restricted Appraisal Report
state the client and any intended users, by name or type; state the client and any intended users, by name or type; state the identity of the client by name or type;
state the intended use of the appraisal; state the intended use of the appraisal; state the intended use of the appraisal;
describe information sufficient to identify the real estate or personal property involved in the appraisal, including the physical and economic property characteristics relevant to the assignment; summarize information sufficient to identify the real estate or personal property involved in the appraisal, including the physical and economic property characteristics relevant to the assignment; state information sufficient to identify the real estate or personal property involved in the appraisal;
state the property interest appraised; state the property interest appraised; state the property interest appraised;
state the purpose of the appraisal, including the type and definition of value and its source; state the purpose of the appraisal, including the type and definition of value and its source; state the purpose of the appraisal, including the type and definition of value and its source;
state the effective date of the appraisal and the date of the report; state the effective date of the appraisal and the date of the report; state the effective date of the appraisal and the date of the report;
describe sufficient information to disclose to the client and any intended users of the appraisal the scope of work used to develop the appraisal; summarize sufficient information to disclose to the client and any intended users of the appraisal the scope of work used to develop the appraisal; state the extent of the process of collecting, confirming, and reporting data or refer to an assignment agreement retained in the appraiser’s work file, that describes the scope of work to be performed;
state all assumptions, hypothetical conditions and limiting conditions that affected the analyses, opinions and conclusions; state all assumptions, hypothetical conditions and limiting conditions that affected the analyses, opinions and conclusions; state all assumptions, hypothetical conditions and limiting conditions that affected the analyses, opinions and conclusions;
describe the information analyzed, the appraisal procedures followed and the reasoning that supports the analyses, opinions and conclusions; summarize the information analyzed, the appraisal procedures followed and the reasoning that supports the analyses, opinions and conclusions; state the appraisal procedures followed, the value opinion(s) and conclusion(s) reached and reference the work file;
state the use of the property existing as of the date of value and the use of the real estate or personal property reflected in the appraisal; and, when the purpose of the assignment is market value, describe the support and rationale for the appraiser’s opinion of the highest and best use of the real estate or personal property; state the use of the property existing as of the date of value and the use of the real estate or personal property reflected in the appraisal; and, when the purpose of the assignment is market value, summarize the support and rationale for the appraiser’s opinion of the highest and best use of the real estate or personal property; state the use of the property existing as of the date of value and the use of the real estate or personal property reflected in the appraisal; and, when the purpose of the assignment is market value, state the support and rationale for the appraiser’s opinion of the highest and best use of the real estate or personal property;
state and explain any permitted departures from specific requirements of STANDARD 1 or 7 and the reason for excluding any of the usual valuation approaches; state and explain any permitted departures from specific requirements of STANDARD 1 or 7 and the reason for excluding any of the usual valuation approaches; state and explain any permitted departures from specific requirements of STANDARD 1 or 7; state the exclusion of any of the usual appraisal approaches; and state a prominent use restriction that limits use of the report to the client and warns that the appraiser’s opinions and conclusions set forth in the report cannot be understood properly without additional information in the appraiser’s work file;
include a signed certification in accordance with Standards Rule 2-3 or 8-3 include a signed certification in accordance with Standards Rule 2-3 or 8-3 include a signed certification in accordance with Standards Rule 2-3 or 8-3
Comments have not been included in this chart.

USPAP 2002 Edition ©The Appraisal Foundation

 

Give us a call today with any questions you might have and make sure to check out our Customer Reviews and Testimonials page of what others have to say about our Team at Bostedo Appraisal Services.

back to top