What are the three written report options stated in Standards Rule 2-2?

Study for your USPAP 15-Hour Course Test. Dive into flashcards and multiple choice questions, each equipped with detailed explanations. Prepare effectively for your appraisal certification!

The three written report options specified in Standards Rule 2-2 are indeed Summary, Self-Contained, and Restricted Use. These classifications are essential within the appraisal profession because they dictate how information is presented and the extent of detail included in the report, which can affect the report's usability for different stakeholders.

A Summary report provides a general overview and is used when a quick understanding of the property appraisal is necessary without extensive detail. This format is often preferred for clients who require essential information without the depth of analysis.

A Self-Contained report, on the other hand, includes all relevant information and analysis necessary to support the conclusions presented in the appraisal. This type of report is comprehensive and typically used in more complex appraisal situations where thorough documentation is needed.

Lastly, a Restricted Use report is tailored for a specific user and purpose, containing enough detail to meet that user’s requirements but insufficient for anyone else who may utilize the report.

The other options listed do not align with the classifications defined in Standards Rule 2-2, making them insufficient representations of the types of reports recognized in USPAP. Thus, recognizing the correct classifications is crucial for appraisers to produce compliant and effective reports.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy