Property Valuation
What is a 'restricted appraisal report' under USPAP and when might it be used in Hawaii?
AA. A report restricted to use only by government agencies in Hawaii
BB. A condensed appraisal report that limits disclosure to the client and certain parties; summarizes conclusions without full narrative support; appropriate when client needs are limited✓ Correct
CC. A report restricted to use in litigation only
DD. An appraisal of property with deed restrictions or easements
Explanation
A restricted appraisal report (formerly known as a Restricted Use Report) under USPAP contains minimum information and is restricted to the client and certain other parties. It summarizes conclusions without the full support typically included in an appraisal report. It may be used for portfolio monitoring, tax filings, or other limited purposes where full disclosure isn't needed.
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