How do value opinions in Summary Appraisal Reports compare to those in Restricted Use Appraisal Reports?

Value opinions in Summary Appraisal Reports and Restricted Use Appraisal Reports are considered equally credible, though they serve different purposes and may present information in varying degrees of detail.

A Summary Appraisal Report typically provides a concise recap of the appraisal process that includes necessary information and justifications for the valuation, tailored for users who may require some background and understanding of how the value was determined. Conversely, a Restricted Use Appraisal Report is designed for specific clients and may not include the same level of detail or broad applicability, as it is intended for a limited audience who are knowledgeable about the context.

Despite these differences in detail and target audience, the underlying value opinions are based on the same rigorous appraisal methodologies and industry standards, ensuring that both types of reports maintain credibility. Thus, they can be seen as equally credible, depending on the context in which they are used and the understanding of the audience receiving the appraisal. Since both report types adhere to the same professional standards outlined in USPAP, their credibility hinges upon the qualifications of the appraiser and their adherence to those standards rather than the format of the report itself.