What is the main difference between self contained appraisal reports and summary appraisal reports?
Click to see full answer
Similarly, you may ask, what are the 3 types of appraisal reports?
In addition to these two types of appraisals, there are three types of report formats: self-contained, summary, and restricted.
Additionally, what is the difference between an appraisal and an appraisal report? The main difference between the report types is the amount of detail presented within the appraisal. Also, restricted appraisal reports cannot be used or relied on by any other party than the client (for this reason restricted use appraisals are not common).
Also question is, what is a self contained appraisal?
self-contained appraisal report. a written appraisal report that contains all the information required by USPAP, with extensive detail. Contrast with restricted appraisal, summary appraisal. Example: A self-contained appraisal report includes a high level of detail in the written report.
What are the types of appraisal reports?
There are now only two types of appraisal reports: Restricted Appraisal Reports and Appraisal Reports. In the 2012-2013 version of USPAP, there were three written appraisal reporting options: Restricted-Use Appraisal Reports, Summary Appraisal Reports, and Self-Contained Appraisal Reports.