Limited Scope Appraisal
An assignment in which the scope of work is narrowed by agreement — fewer approaches to value, restricted inspection, or defined assumptions — while still complying with USPAP. The limitation must be disclosed and must not produce misleading results.
Related Terms
Scope of Work
The type and extent of research and analysis performed in an appraisal assignment.
Drive-By Appraisal (Exterior-Only)
An appraisal based on an exterior observation of the property from the street, supplemented by public records, MLS data, and prior listings, without an interior inspection.
Uniform Standards of Professional Appraisal Practice (USPAP)
USPAPThe nationally recognized ethical and performance standards for the appraisal profession, established by The Appraisal Foundation.
More in Report Types & Forms
View allUniform Residential Appraisal Report (URAR)
URARThe standard appraisal report form (Fannie Mae Form 1004 / Freddie Mac Form 70) used for most single-family residential mortgage appraisals.
Form 1004
The Fannie Mae designation for the Uniform Residential Appraisal Report (URAR), used for appraisals of one-unit properties and units in planned unit developments (PUDs).
Form 1004D (Appraisal Update)
1004DA form used to update a previously completed appraisal to reflect current market conditions and confirm that the property condition has not materially changed.
Form 2055 (Exterior-Only Appraisal)
2055An appraisal report form for exterior-only inspections of one-unit properties.