USPAP 2018-2019 Edition
© The Appraisal Foundation
document the identity of the client in the workfile and must state in the report that the identity of the
client has been withheld at the client’s request.
The Restricted Appraisal Report is for client use only. Before entering into an agreement, the appraiser
should establish with the client the situations where this type of report is to be used and should ensure that
the client understands the restricted utility of the Restricted Appraisal Report.
state the intended use of the appraisal;
Comment: The intended use of the appraisal must be consistent with the limitation on use of the
Restricted Appraisal Report option in this Standards Rule (i.e., client use only).
(iii) state information sufficient to identify the real estate involved in the appraisal;
Comment: The real estate involved in the appraisal can be specified, for example, by a legal description,
address, map reference, copy of a survey or map, property sketch, and/or photographs or the like.
(iv) state the real property interest appraised;
state the type of value and cite the source of its definition;
Comment: When an opinion of reasonable exposure time has been developed in compliance with
Standards Rule 1-2(c), the opinion must be stated in the report.
(vi) state the effective date of the appraisal and the date of the report;
Comment: The effective date of the appraisal establishes the context for the value opinion, while the
date of the report indicates whether the perspective of the appraiser on the market and property as of
the effective date of the appraisal was prospective, current, or retrospective.
(vii) state the scope of work used to develop the appraisal;
Comment: Because the client’s reliance on an appraisal may be affected by the scope of work, the
report must enable them to be properly informed and not misled. Sufficient information includes
disclosure of research and analyses performed and might also include disclosure of research and
analyses not performed.
When any portion of the work involves significant real property appraisal assistance, the appraiser
must state the extent of that assistance. The name(s) of those providing the significant real property
appraisal assistance must be stated in the certification, in accordance with Standards Rule 2-3.
(viii) state the appraisal methods and techniques employed, state the value opinion(s) and conclusion(s)
reached, and reference the workfile; exclusion of the sales comparison approach, cost approach, or
income approach must be explained;
Comment: An appraiser must maintain a specific, coherent workfile in support of a Restricted Appraisal
Report. The contents of the workfile must include sufficient information to indicate that the appraiser
complied with the requirements of STANDARD 1 and for the appraiser to produce an Appraisal Report.
When reporting an opinion of market value, a summary of the results of analyzing the subject sales,
agreements of sale, options, and listings in accordance with Standards Rule 1-5 is required. If such
38 See Advisory Opinion 36,
Identification and Disclosure of Client, Intended Use, and Intended Users
39 See Advisory Opinion 2,
Inspection of Subject Property
40 See Advisory Opinion 7,
Marketing Time Opinions
, Advisory Opinion 22,
Scope of Work in Market Value Appraisal Assignments, Real
, and Advisory Opinion 34,
Retrospective and Prospective Value.
41 See Advisory Opinion 34,
Retrospective and Prospective Value
42 See Advisory Opinions 28,
Scope of Work Decision, Performance, and Disclosure
, and Advisory Opinion 29,
An Acceptable Scope of Work
43 See Advisory Opinion 31,
Assignments Involving More than One Appraiser