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USPAP, SR 2-2 - Coggle Diagram

- - - - (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 :check:: the report properly; and
      - (c)
      - clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment.1
  - - - "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"2
        
        "(a) The content of an Appraisal Report must be appropriate for the intended use of the appraisal and, at a minimum:
        
        (i) state the identity of the client; or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile;
        
        Comment: Because the client is an intended user, they must be identified in the report as such. However, if the client has requested anonymity the appraiser must use care when identifying the client to avoid violations of the Confidentiality section of the ETHICS RULE.
        
        (ii) state the identity of any other intended users by name or type;
        
        Comment: A party receiving a copy of an 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.
        
        (iii) state the intended use of the appraisal;
        
        (iv) contain information, documents, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal, and economic property characteristics relevant to the assignment;3
        
        "(v) state the real property interest appraised;4
        
        (vi) state the type and definition of value and cite the source of the definition;
        
        "(vii) state the effective date of the appraisal and the date of the report;"
        
        (viii) summarize the scope of work used to develop the appraisal;
        
        (ix) summarize the extent of any significant real property appraisal assistance;
        
        (x) provide sufficient information to indicate that the appraiser complied with the requirements of STANDARD 1 by
        
        summarizing the appraisal methods and techniques employed;
        
        (ii) stating the reasons for excluding the sales comparison, cost, or income approach(es) if any have not been developed;
        
        (iii) summarizing the results of analyzing the subject sales, agreements of sale, options, and listings in accordance with Standards Rule 1-5;
        
        (xiii) clearly and conspicuously:
        
        state all extraordinary assumptions and hypothetical conditions; and
        
        state that their use might have affected the assignment results"