Concepts Definitions

• Appraisal Report: A document that presents an appraiser’s estimate or opinion of a property’s value as of a specific date [principlesLS, 511].
• Narrative Report: A detailed and lengthy appraisal report that includes extensive analysis and is often used for complex situations or legal cases, such as eminent domain.
• Form Report: A shorter appraisal report presented on a standardized form, commonly used by lenders and government agencies (like FHA and VA) for residential mortgage loans . The Uniform Residential Appraisal Report form is an example of this type.
• Letter Report: The simplest and shortest type of appraisal report, typically consisting of one to two pages

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