Property Valuation
What is a 'self-contained appraisal report' versus a 'summary appraisal report'?
ASelf-contained reports are for residential; summary reports are for commercial
BUSPAP previously distinguished between self-contained (most detail), summary (medium detail), and restricted use reports; current USPAP uses Appraisal Report and Restricted Appraisal Report✓ Correct
CSelf-contained reports require IDFPR approval; summary reports do not
DThey describe the same level of detail but are used for different purposes
Explanation
USPAP (Uniform Standards of Professional Appraisal Practice) previously recognized three report types: self-contained (full detail), summary (summarized information), and restricted use (minimal detail for specific client). The 2014 USPAP edition consolidated these into two types: Appraisal Report (sufficient detail for intended use) and Restricted Appraisal Report (minimal detail, client use only). The level of detail must match the intended use and complexity.
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