Appraisal Report Structure by David J. Maloney, Jr., AOA CMThere is no single approved format for all personal property appraisal reports, nor is there a required method of presenting information within the appraisal document. USPAP's STANDARD 8 states that USPAP does not "dictate the form, format or style of personal property appraisal reports, which are functions of the needs of the intended users and appraisers. The substantive content of a report determines its compliance [with USPAP]."
Appraisal reports typically contain a logical presentation of the required elements of information. Appraisers usually choose to prepare either a narrative letter-style appraisal report or a form-style appraisal report.
In a narrative letter-style report the appraisal has the look and feel of a formal letter on company letterhead complete with salutation, content, the USPAP certification statement, signature and enclosures.
In a form-style report the report is prepared in sections according to a pre-designed format, with each section appropriately titled and addressing the relevant elements of information it is designed to contain.
Regardless of which appraisal report form is used, in general terms, the appraisal report must contain three categories of information:
- Appraisal-specific information
- Item-specific information
- Supporting documentation
(Take the Poll in the Right Column on the Type of Report You Prepare)
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