What are the main types of commercial appraisal reports?
Summary Appraisal Report
A Summary Appraisal Report is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice (USPAP) for a Summary Appraisal Report. As such, it presents only summary discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraiser’s opinion of value. Supporting documentation concerning the data, reasoning and analyses not included in the report is retained in the appraiser’s file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated herein.
Self-Contained Appraisal Report
Self-Contained Appraisal Report fully describes the data and analyses used in the assignment. All appropriate information is contained within the report and not referenced to the appraiser’s files. A Self-Contained Appraisal Report contains information sufficient to identify the real estate involved in the appraisal, including the physical and economic characteristics relevant to the assignment. The Self-Contained Appraisal Report includes a description of the information analyzed, the appraisal procedures followed, and the reasoning that supports the analyses, opinions and conclusions.