§15.4 - Report Types

• Jurisdiction: Washington

§15.4 REPORT TYPES

An appraisal report may be oral or written. Written communications include letters, forms, and narrative reports. Usually, a report is presented in a manner requested by the client. However, when a client asks for only the appraiser's opinion without detailed documentation, the appraiser must still perform the analysis required for a credible appraisal, in accordance with the scope of work rule. In this case, all material, data, and working papers used to prepare the report are kept in the appraiser's permanent file. Under new USPAP rules, use of the term "appraisal consulting" has been eliminated.

(1) Oral report

An appraiser may make an oral report when the circumstances or the needs of the client do not permit or warrant a written report. Each oral report should include a property description and facts, assumptions, conditions, and reasoning upon which the conclusion is based.

(2) Form reports

In many instances, form reports meet the needs of financial institutions, insurance companies, and government agencies. When using any form report, the appraiser is responsible for ensuring that the appropriate methods and techniques have been properly...