Restricted Residential and Restricted Non-Residential Appraisal Reports:
One of the breakthrough moments with this term’s edition of USPAP was the concrete examples within the student manual of what a Restricted Residential and Restricted Non-Residential appraisal reports might look like. I mentioned in class that our office copied both formats to our macros with the idea that such a shortened version was perfectly acceptable with the Appraisal Foundation.
We’ve been reminded by one of our review appraiser friends that compliance with USPAP is only part of the criteria of working with lenders and, although the shortened format is allowed within the confines of USPAP, it might not be approved by your lender/client. Be sure to check it out prior to submitting such a report.