Appraisal Report

Describes the findings of an appraisal engagement. Reports may be presented in the following formats: oral, letter, form, or narrative; see Uniform Standards of Professional Appraisal Practices.

A written explanation of a property's value, including the data and reasoning used to derive that value. Nearly all appraisal reports are written; if a report is given orally, the appraiser needs to keep written accounts of the discussion and how he derived the value estimate.

See Complete Appraisal, Limited Appraisal, Self-Contained Appraisal Report, Summary Appraisal Report, Restricted Appraisal Report, Uniform Standards of Professional Appraisal Practice (Uspap).
Examples:

• A 150-page self-contained appraisal report was prepared for a neighborhood shopping center to explain fully each element that was considered in estimating its value.

• A 20-page summary report included comparable sales data.

• A 10-page restricted report was limited to the owner's use.