What are the types of appraisals, what are the types of appraisal reports and what is each type used for?
[Answer] – Let’s talk about the “appraisal” as a process and the “appraisal report” as the method of communicating an appraisal. The appraisal process is “complete” when all applicable approaches to value are employed and nothing that would normally be done is left undone. The appraisal process is “limited” when something that would normally be done is not done. A request for a limited appraisal requires the appraiser to consider whether such a limitation will result in a misleading or unreliable opinion of value. The report of a limited appraisal will carry a prominent disclosure of the nature of the limitation and what effect such a limitation might have on the reliability of the opinion of value. There are oral appraisal reports and written appraisal reports. Oral reports are usually testimony given in court, at arbitration, at deposition or in some other legal venue. An oral report might also be appropriate if the intended user is fully knowledgeable of the property being appraised
