As of 2020,  there are two report options, Appraisal Report, and Restricted Appraisal Report.  In California, SB-70 was enacted for 2019 allowing Restricted Appraisal reports to be issued to more than one intended user, as long as the subject property is a commercial property, and the appraisal is for a non-federally related transaction.  Restricted Appraisals are only suitable under certain conditions and require the same report development process and research as Appraisal Reports.

Under previous versions of USPAP reports were defined by a three tier system in accordance with the information below.  This terminology is still frequently used by banking professionals.


All valuation methods reviewed and applicable methods applied.


A. SELF CONTAINED REPORT -   Used/required for larger commercial loans with outside funding and subject to field review of multiple underwriters and appraisers.  Developed and intended for professional review.   An easily transferable report.  Pertinent for larger complex projects and proposed projects.  Detailed narrative report, with elaborate discussion of market trends, Highest and Best Use, adjustment factors, with all  Zoning, Tax, Income and Expense, and supporting documentation in Addenda. Examples: 200 Unit Apartment Complex, 35,000 SF Industrial Facility,  Proposed Retail Center.  Suitable report format for loans over $1,000,000.  



B. SUMMARY REPORT -  Used/required for most underwriting.  An easily transferable report.  Narrative report with a summary discussion of market trends and adjustment factors.   Examples: 25 Unit Apartment Complex, 20,000 SF Industrial Facility, Existing Strip Retail Center.   Suitable report format for loans under $1,000,000.  



C. RESTRICTED USE REPORT - Used for internal underwriting.  Generally a non-transferable report. Assumes client has detailed knowledge of asset class.  Letter of opinion stating conclusions with limited data and information presented, backed by data on file.   Examples: 15 Unit Apartment Complex, Existing Four-Tenant Strip Retail Center, small vacant land parcel.  Suitable report format for knowledgeable parties (CPAs, Brokers, Lawyers) for loans under $500,000.