29 signed SB 70, legislation that allows the state's appraisers to name intended users other than a client in a restricted appraisal report.
1, state-certified real estate appraisers in California will be able to produce a restricted appraisal report that identifies one or more intended users in addition to the client.
This is done in an attempt to reduce the reporting requirements to a restricted appraisal report
Action required: For 2014, appraisers need to update reporting software and templates to identify reports as Appraisal Report or Restricted Appraisal Report
The Restricted Appraisal Report
is intended for use only by the client.
Note that the Restricted Appraisal Report format has been excluded from this table.
Complete appraisals, Limited appraisals and Evaluations, and Self-Contained, Summary, and Restricted appraisal reports - what does it all mean?
Both levels of appraisal can be reported in one of three types of written reports, Self-Contained, Summary, or Restricted Appraisal Reports.(4) As a result, six different valuation products were created with varying levels of completeness in development and detail in reporting.
The USPAP provides for a "complete appraisal" and a "limited appraisal," either of which may be completed as a self-contained, summary, or restricted appraisal report
. The definition of appraisal has not changed: "the act or process of estimating value; an estimate of value."(38)