USPAP 2018-2019 Edition
© The Appraisal Foundation
STANDARD 2: REAL PROPERTY APPRAISAL,
In reporting the results of a real property appraisal, an appraiser must communicate each
analysis, opinion, and conclusion in a manner that is not misleading.
Comment: STANDARD 2 addresses the content and level of information required in a report
that communicates the results of a real property appraisal.
STANDARD 2 does not dictate the form, format, or style of real property appraisal reports. The form, format,
and style of a report are functions of the needs of intended users and appraisers. The substantive content of
a report determines its compliance.
STANDARDS RULE 2-1
Each written or oral real property appraisal report must:
(a) clearly and accurately set forth the appraisal in a manner that will not be misleading;
(b) contain sufficient information to enable the intended users of the appraisal to understand the report
(c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and
limiting conditions used in the assignment.
STANDARDS RULE 2-2
Each written real property appraisal report must be prepared under one of the following options and prominently
state which option is used: Appraisal Report or Restricted Appraisal Report.
Comment: When the intended users include parties other than the client, an Appraisal Report must be
provided. When the intended users do not include parties other than the client, a Restricted Appraisal Report
may be provided.
The essential difference between these two options is in the content and level of information provided.
The appropriate reporting option and the level of information necessary in the report are dependent on the
intended use and the intended users.
An appraiser must use care when characterizing the type of report and level of information communicated
upon completion of an assignment. An appraiser may use any other label in addition to, but not in place of,
the label set forth in this Standard for the type of report provided.
The report content and level of information requirements set forth in this Standard are minimums for each
type of report. An appraiser must supplement a report form, when necessary, to ensure that any intended
user of the appraisal is not misled and that the report complies with the applicable content requirements set
forth in this Standards Rule.
A party receiving a copy of an Appraisal Report or Restricted Appraisal Report in order to satisfy disclosure
requirements does not become an intended user of the appraisal unless the appraiser identifies such party
as an intended user as part of the assignment.
(a) The content of an Appraisal Report must be consistent with the intended use of the appraisal and, at a
28 See Advisory Opinion 11,
Content of the Appraisal Report Options of Standards Rules 2-2, 8-2
, and 10-2 and Advisory Opinion 12,
the Appraisal Report Options of Standards Rules 2-2, 8-2, and 10-2