What is the difference between appraisal report and a restricted appraisal report? Aren't they both appraisal reports?
USPAP outlines the differences and requirements for appraisal reports and restricted appraisal reports in Standard 8: Personal Property Appraisal Reporting. They are both forms of appraisal reports but they have different scopes and characteristics. Standards Rule 8-2 states that "Each written personal property appraisal report must be prepared under one of the following options and prominently state which option is used: Appraisal Report or Restricted appraisal Report" and the subsequent comment reads in part:
"Comment: When the intended users include parties other than the client, an Appraisal Report must be provided. When the intended users do not include parties other than the client, a Restricted Appraisal Report may be provided.
The essential difference between these two options 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 intended users."
The two biggest differences to remember are that Restricted Appraisal Reports are limited to just the client as the intended user and cannot have any additional intended users, where Appraisal Reports can have intended users who are not the client, and Restricted Appraisal Reports generally state findings, where Appraisal Reports generally summarize findings and the research process. Appraisal Reports are much more detailed in scope of work and documentation of research. Depending on your intended use, either an Appraisal Report or a Restricted Appraisal Report may be more appropriate for your needs.
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