TYPES OF COMMERCIAL REPORTS
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The essential difference between the reports below is in the content and level of information provided. The appropriate reporting option and the level of information necessary in the report are dependent on the intended use and the intended user of the appraisal.
Appraisal Report
An appraisal report is a narrative document that contains a more thorough amount of information and detail with narrative discussions of the conclusions made. It can be used by others than just the client.
These reports have full write-ups of the comparable sales and adjustments found in the grid.
Restricted Appraisal Report
A restricted report contains only brief statements of information significant to the appraisal, and has little discussion of the conclusions made. It's called "restricted" because it's restricted to only the intended user. Restricted reports are often referred to as "evaluation" reports, although this may be misleading, because these reports are appraisals, and do meet USPAP standards. These reports, because of their less detailed nature, are less expensive.