Property Valuation
In Michigan, a 'restricted appraisal report' under USPAP is intended for:
ARestricted properties such as contaminated sites
BSituations where the client and appraiser agree that a summary report is not necessary; contains fewer details than a complete report✓ Correct
CProperties in restricted zoning districts
DCommercial properties only
Explanation
A restricted appraisal report (now called an 'Appraisal Report' under USPAP 2020) contains the minimum information necessary and is appropriate when the intended user is limited to the client who understands the assignment's scope and the appraiser's analysis.
Related Michigan Property Valuation Questions
- In Michigan, which appraisal approach is most appropriate for a special-use property like a church or school?
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- When using the sales comparison approach in Michigan, an appraiser must consider all of the following adjustments EXCEPT:
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