USPAP 2018-2019 Edition
© The Appraisal Foundation
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 property involved in the appraisal;
(iv) state the 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 7-2(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 personal property appraisal assistance, the appraiser
must state the extent of that assistance. The name(s) of those providing the significant personal
property appraisal assistance must be stated in the certification, in accordance with Standards Rule
(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 7 and for the appraiser to produce an Appraisal Report.
Information analyzed in compliance with Standards Rule 7-5 is significant information that must be
disclosed in a Restricted Appraisal Report. 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
(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.
85 See Advisory Opinion 36,
Identification and Disclosure of Client, Intended Use, and Intended Users
86 See Advisory Opinion 7,
Marketing Time Opinions
, and Advisory Opinion 35,
Reasonable Exposure Time in Real and Personal Property
Opinions of Value
87 See Advisory Opinion 34,
Retrospective and Prospective Value Opinions.
88 See Advisory Opinion 28,
Scope of Work Decision, Performance, and Disclosure
and Advisory Opinion 29,
An Acceptable Scope of Work.
89 See Advisory Opinion 31,
Assignments Involving More than One Appraiser
90 See Advisory Opinion 2,
Inspection of Subject Property