Property Valuation
What is a 'summary appraisal report' versus a 'restricted use appraisal report' in Pennsylvania appraisal practice?
ASummary reports summarize the appraiser's findings; restricted use reports are confidential
BA summary appraisal report provides more detail than a restricted use report, which may be used only by specified parties (typically the client) due to its limited scope of disclosure✓ Correct
CSummary reports are for residential properties; restricted use reports for commercial
DThey are identical report types with no meaningful distinction under current USPAP
Explanation
Under USPAP (Uniform Standards of Professional Appraisal Practice), the former summary and restricted use report formats were redesigned in 2020 as: Appraisal Report (detailed, suitable for most uses) and Restricted Appraisal Report (limited disclosure, usable only by the named client). Pennsylvania appraisers must use the appropriate report type for the intended use — lenders generally require Appraisal Reports; some internal reviews may use Restricted Reports. Most Pennsylvania residential mortgage appraisals use the Fannie Mae Form 1004 Appraisal Report.
Related Pennsylvania Property Valuation Questions
- Mass appraisal techniques used by Pennsylvania county assessment offices differ from individual appraisals in that mass appraisal:
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