Valuation Experts offers more detail, research, and analysis in our base appraisal reports, as compared to our compettion.

Valuation Experts offers a variety of appraisal products in order to meet our clients needs. Many clients are under the impression that all appraisal products are the same, all appraisers do the same amount of research and anaylsis, and that all appraisers will come up with the same value conclusion. This is simply not true. The recent changes to USPAP now allows the appraiser to offer different types of appraisal products. This is called the Scope of Work rule.

Scope of Work: the type and extent of research and analysis in an assignment.

Scope of work includes, but is not limited to:

- the extent to which the property is identified;
- the extent to which tangible property is inspected;
- the type and extent of data researched; and
- the type and extent of analysis applied to arrive at opinions or conclusions.

An appraiser must be prepared to demonstrate that the scope of work is sufficient to produce credible assignment results, that credible assignment results require support by relevant evidence and logic, and that the credibility of assignment results is always measured in the context of the intended use.

Each written appraisal report must be prepared under one of the following options:

- Self-Contained Appraisal Report

- Summary Appraisal Report

- Restricted Use Appraisal Report

The most common type of reporting option is the Summary Appraisal Report. As noted by the name, this report is a summarization of the data, techniques, etc. used in the report. The majority of the data and techniques are kept in the appraisers work file.

 
 HOW DO I DETERMINE THE CORRECT APPRAISAL REPORT AND APPRAISAL TYPE NEEDED?

More services and appraisal
report options are available, please
call for details.

Steven E. Stone
Associate
Member of the
Appraisal Institute®