A Restricted Appraisal Report is a concise written statement that presents the appraiser’s analyses and conclusions, but with limited detail and a prominent restriction limiting its use to the named client and intended users only. This format is suitable for situations where the client is well-informed and doesn’t require the extensive background information, data, or reasoning found in a more detailed Full Appraisal Report.
The main difference between a Restricted Appraisal Report and a Full (Appraisal) Report lies in the level of detail, the intended use, and the intended user(s) of the appraisal. Both types comply with USPAP (Uniform Standards of Professional Appraisal Practice), but they serve different purposes.
Here’s a breakdown:
For a more complete description of the report types please call us.
| Feature | Restricted Appraisal Report | Appraisal Report (Full) |
|---|---|---|
| Level of Detail | Summarized—only essential information is provided. | Comprehensive—explains all key details, reasoning, and supporting data. |
| Intended Users | Typically only the client (cannot be relied upon by others). | May be used by multiple parties (e.g., lenders, courts, buyers, attorneys, estates). |
| Purpose/Use | Often for internal decision-making, portfolio reviews, preliminary assessments, or personal planning. | For lending, legal proceedings, IRS reporting, divorce settlements, estate valuation, or any situation requiring thorough documentation. |
| Cost & Time | Generally less expensive and faster to produce. | More expensive and takes longer due to added research and documentation. |
| USPAP Requirements | Must state that the report is restricted and intended for a specific client only. | Must include sufficient detail for intended users to understand the appraiser’s rationale and conclusions. |
| Examples of Use | Checking a home’s value before listing, investment analysis, internal planning. | Mortgage financing, legal disputes, tax filings, probate, divorce, or estate settlements. |