Appraisal Reporting Formats

Under current USPAP standards, there are only two recognized reporting formats — streamlined for clarity, compliance, and relevance. Gone are the days of Summary and Self-Contained reports (they’ve joined the buggy whip in the museum of appraisal history). Today, it’s all about choosing the right level of detail for your intended use.

1. Appraisal Report

This is the most common format — and the most versatile. It includes:

• A clear statement of the assignment’s scope and purpose

• A summary of the data, analysis, and reasoning used to arrive at the value conclusion

• Sufficient detail to allow the client (and any intended users) to understand how the appraiser reached their opinion

Best for: Estate planning, litigation support, lending, tax reporting, and any situation where transparency and defensibility matter.

2. Restricted Appraisal Report

This format is leaner by design. It includes:

• The same level of analysis and due diligence behind the scenes

• A more concise presentation of findings

• Disclosure that the report is intended for use only by the named client and any “named 3rd parties”

Best for: Internal decision-making, portfolio updates, or when the client doesn’t need (or want) all the narrative detail.

Both formats must meet the same USPAP development standards. The difference lies in how much of the appraiser’s process is disclosed in the report itself.