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TYPES OF APPRAISAL REPORTS, DESCRIBED:

It should be understood that Real Estate Appraisals are only provided by licensed or Certified Appraisers, so they are a very narrow part of the valuation field spectrum. What makes them different is the special education, testing, experience, procedures and practice and Mandatory Ethics of Appraisers. Every Appraisal must contain  a  Written & Signed Certification, which spells out why it is an unbiased and reliable appraisal report.  It is the Certification that makes it An Appraisal Report. Real Estate  Appraisers are also specifically licensed and certified by each state government and must adhere to the Rules and Regulations of the Uniform Standards of Professional Appraisal Practice, commonly referred to as USPAP (the Appraisal Bible, More or Less). National Licensing and certification Standards were established by the US Congress in a government act called FIRREA, after the Real Estate Recession of 1988-1992, so that by the early 1990's all real estate appraisers were required to be licensed and certified.  The three types of License are: State Certified General Appraiser (the highest level and most complete type of license, authorized to provide all types of real estate appraisals consistent with USPAP and without any limitation); State Certified Residential Appraiser (the highest level of residential appraiser, authorized to appraise all types of single-family residential property and some multi-family property up to a market value dollar limit, but no commercial appraisal), and State Licensed Appraiser. Most States also have a trainee licensee. You must first be a trainee and begin to acquire experience and education, and formal testing in order to "move up the ladder". All of these types of appraisers can perform any appraisal under the supervision of a General State Certified Appraiser. However, they are limited to their license class without such supervision, and trainees must always work under a Certified General or Residential Appraiser.  

Under the current version of USPAP, there are only three (3) appraisal "reporting" options:

Note: The Written reports are typically created in a Narrative (Meaning Written Book Style) Appraisal Report, though they could be produced as a "Form Report" like a Uniform Residential Appraisal Report, called the URAR on FNMA 1004.

An Appraisal Report: which was formerly known as a Summary Appraisal Report, and which is typically between 30 and 300 pages in length, and which summarizes the appraisers value conclusions (succinctly) and which provides enough detail and description to convince the reader that this appraisal is correct and complete. This will typically include photos of the property and sales comps and maybe even rental comps, and adjustment grids explaining the appraisers reasoning , adjustments and value conclusions. It contains a Reconciliation and of course a Written Certification.  These reports range in cost dependent upon complexity from about $1,500 to as much as $25,000 or even $50,000 a report (more infrequently) with about $2,500 to $3,500 a report perhaps the most common fee. Sometimes a "Self-Contained Report" will be requested (usually well over a 100 pages, and usually developing all aspects of the report in extreme depth and great detail. For now these are just considered just very thick, long and highly developed Appraisal Reports, technically.

A Restricted Appraisal Report: which briefly  states the appraiser's value conclusion, usually with minimal or no in depth discussion, and with brief but appropriate property and market descriptions, and a reconciliation and written certification.  The appraiser in depth analysis and comps are contained in his own work file, and the typical length may be from about 10 to 30 pages, more or less. The typical cost is about $1,000 to $1,500, but this can vary by complexity and sometimes can be higher or even a little lower. An Evaluation may be produced as a Restricted Appraisal Report, but it requires much more documentation, so it can be more expensive. 

An Oral Report: As the name implies, this is an oral report by an appraiser with a written and signed certification and supporting documentation and notes of the oral presentation contained in  the appraiser's work file. Oral Testimony can vary by complexity, but is often $250 to $500 an hour, plus the cost of prep time and research and often travel time and costs.  

Self-Contained Reports and Evaluations (for now) are simply considered variations on the first two written report options. Under a Scope of Work Agreement between Client and Appraiser, certain flexibility is granted in specific report type development, and reporting, so long as the report complies with these three main report options.  

Recently many sates are allowing appraisal work to be performed by licensed or certified appraisers for federally chartered or insured banking institutions under Federal Banking Regulation Laws, which proscribe how such work may be performed under the formal name of "Evaluations" or "Evaluation". They can take many forms and could include a spreadsheet valuation. These Evaluations are a specialty valuation product used primarily by banks and federal banking agencies and do not necessarily have to conform to USPAP, though they may possibly conform if reported as a Restricted Report in a Valuation Option. Again these are primarily for banks and federal institutions, so most consumers will not be utilizing them. 

An Apparisal Report
Restricted Report
Oral Report
Evaluation
Oarl Report 2
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