USPAP 2018-2019 Edition
© The Appraisal Foundation
(viii) summarize the information analyzed, the appraisal methods and techniques employed, and the
reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison
approach, cost approach, or income approach must be explained;
Comment: An Appraisal Report must include sufficient information to indicate that the appraiser
complied with the requirements of STANDARD 7. The amount of detail required will vary with the
significance of the information to the appraisal and with the significance of a particular object or group
of objects to the overall assignment results.
When the appraiser has developed an analysis of agreements of sale, validated offers or third-party
offers to sell, options, listings or prior sales of the subject property in accordance with Standards Rule 7-5,
the appraiser must report a summary of the results of the analysis. If such information was unobtainable,
a statement on the efforts undertaken by the appraiser to obtain the information is required. If such
information is irrelevant, a statement acknowledging the existence of the information and citing its lack of
relevance is required.
The appraiser must provide sufficient information to enable the client and intended users to understand
the rationale for the opinion and conclusions, including reconciliation of the data and approaches, in
accordance with Standards Rule 7-6.
(ix) state, as appropriate to the class of personal property involved, the use of the property existing as
of the date of value and the use of the property reflected in the appraisal;
Comment: In the context of personal property, value can be a function of the current and alternative
use of the subject property, the choice of the appropriate market or market level for the type of item,
the type and definition of value, and intended use of the report.
when an opinion of the appropriate market or market level was developed by the appraiser,
summarize the support and rationale for that opinion;
(xi) clearly and conspicuously:
• state all extraordinary assumptions and hypothetical conditions; and
• state that their use might have affected the assignment results; and
(xii) include a signed certification in accordance with Standards Rule 8-3.
(b) The content of a Restricted Appraisal Report must be consistent with the intended use of the appraisal
and, at a minimum:
state the identity of the client, unless the client has specifically requested otherwise;
a prominent use restriction that limits use of the report to the client and warns that the rationale
for how the appraiser arrived at the opinions and conclusions set forth in the report may not be
understood properly without additional information in the appraiser’s workfile;
Comment: An appraiser must use care when identifying the client to avoid violations of the
Confidentiality section of the ETHICS RULE. If a client requests that the client’s identity be withheld
from the report, the appraiser may comply with this request. In these instances, the appraiser must
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.
83 See Advisory Opinion 2,
Inspection of Subject Property
84 See Advisory Opinion 36,
Identification and Disclosure of Client, Intended Use, and Intended Users.