Business Glossary

a set of requirements covering ethics, record keeping, research and reporting promulgated by the appraisal foundation, and adhered to by its members.

Example: Table 54.

a set of requirements covering ethics, record keeping, research and reporting promulgated by the appraisal foundation, and adhered to by its members.

Example: Table 54.

an appraisal of real estate under and resulting from invoking the departure provision of uspap

Example: A limited appraisal may omit one or more appraisal approaches. Invoking a departure provision must not cause a user of appraisal services to become confused or misled. The appraisal may be provided in any report format: self-contained, summary, or restricted.

professional opinion of value without invoking the departure provision of USPAP. All relevant appraisal approaches are included. May be a self-contained appraisal report, summary appraisal report, or restricted appraisal report. A complete appraisal is differentiated from a limited appraisal.

an appraisal report that contains minimal detail and is intended to be received or relied upon by the client only, not any other party.

Example: Cheeseburgers of America, which has 2,000 outlets nationally, wanted to get an estimate of value of all the real estate it owns for its own decision-making purposes. They requested, of a state-certified general appraiser, a report for that purpose. The report was not to be a self-contained appraisal, but rather one that has a brief analysis of the building and land at each location. No other appraisal report user is considered.

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.

a written appraisal report that contains a moderate amount of detail. Contrast with self-contained appraisal report.

Example: A summary appraisal report had abbreviated region and neighborhood analyses; otherwise it provided the same information as would a self-contained appraisal report.