Restricted Appraisal Report
The most abbreviated report option under USPAP, intended only for the client and containing minimal detail. The appraiser references the work file for supporting information rather than including it in the report.
USPAP Standards Rule 2-2(b) defines the restricted appraisal report as a report where the appraiser states the opinion of value but is not required to summarize the supporting data and analysis in the report itself. The client must be warned that the report cannot be understood without access to the appraiser's work file. This format is not accepted for federally related transactions and is typically used for internal purposes, portfolio lending, or litigation support where the client has direct access to the appraiser.
Related Terms
Uniform Standards of Professional Appraisal Practice (USPAP)
USPAPThe nationally recognized ethical and performance standards for the appraisal profession, established by The Appraisal Foundation.
Scope of Work
The type and extent of research and analysis performed in an appraisal assignment.
Work File
The documentation an appraiser must maintain to support the analyses, opinions, and conclusions in the appraisal report.
Intended Use
The use or uses of an appraiser's reported appraisal or appraisal review as identified by the appraiser based on communication with the client at the time of the assignment.
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.