Real Estate Appraisal Practice Exam

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What are the two report types permitted by the Uniform Standards of Professional Appraisal Practice?

Restricted appraisal report and full appraisal report
Simple appraisal report and comprehensive appraisal report
External appraisal report and internal appraisal report
Summary appraisal report and detailed appraisal report

The correct answer is: Restricted appraisal report and full appraisal report

The Uniform Standards of Professional Appraisal Practice (USPAP) permits two specific types of appraisal reports: the restricted appraisal report and the full appraisal report. A restricted appraisal report is designed for a specific user and provides limited information, often focusing on the essential findings needed by that user. This type allows for a quicker turnaround and less comprehensive detail, making it suitable for situations where only a particular individual or entity requires the appraisal data. In contrast, the full appraisal report is much more detailed and comprehensive, intended for clients who require a complete understanding of the appraisal process and conclusions. This report includes all pertinent data, explanations, and reasoning that underlie the appraisal, making it useful for multiple stakeholders, including lenders, buyers, and regulatory bodies. The other options include terms that are not recognized within the framework of USPAP and therefore do not represent any valid report types accepted in professional appraisal practice.