What is a Restricted Use Appraisal Report?

A Restricted Use Appraisal Report states:

  1. state the identity of the client by name or type;
  2. state the intended use of the appraisal;
  3. state information sufficient to identify the real estate or personal property involved in the appraisal;
  4. state the property interest appraised;
  5. state the purpose of the appraisal, including the type and definition of value and its source;
  6. state the effective date of the appraisal and the date of the report;
  7. 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.
  8. state all assumptions, hypothetical conditions, and limiting conditions that affected the analyses, opinions, and conclusions;
  9. state the appraisal procedures followed, the value opinion(s) and conclusion(s) reached and reference the work file;
  10. 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 real estate or personal property;
  11. state and explain any personal 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 opinion and conclusions set forth in the report cannot be understood properly without additional information in the appraiser’s work file;
  12. include a signed certification in accordance with Standards Rule 2-3 or 8-3

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