Question

Which of the following appraisal reports would be the most comprehensive and complete? 

Selections

A. Narrative

B. Certified

C. Letter

D. Printed form

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Answer: A

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5 Keys Summary

• The Narrative report is considered the most comprehensive and complete type of appraisal report.

• A narrative report is detailed and lengthy, functioning as a complete document that includes all pertinent information, reasoning, and computations for the value conclusion.

• This report format is typically used for complex valuation problems, such as court cases, eminent domain actions, or when an extensive report is necessary.

• In comparison, a Form report is a shorter, standardized format (like the Uniform Residential Appraisal Report) frequently used by lenders, government agencies, and is classified as a Summary Report.

• The Letter report is the simplest and briefest appraisal format, often only one or two pages, intended for use when the client is familiar with the area and extensive supporting data is not required.

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