What does the report of defined value opinions entail in the appraisal process?

In the appraisal process, the report of defined value opinions is an essential component that corresponds to a specific step in the methodology of appraisal. This step requires the appraiser to articulate their well-reasoned opinion regarding the market value or other specified values of the property being appraised. Typically, this involves synthesizing the various pieces of information gathered during the appraisal process, including market data, property characteristics, and other relevant factors.

Step 6 in the appraisal process generally involves the actual reporting of results, where the appraiser presents their defined value opinion clearly and accurately. This is crucial for ensuring that stakeholders, such as clients or regulatory bodies, understand how the appraiser arrived at their conclusions and the context behind those opinions.

The other options presented do not adequately cover the comprehensive nature of what a report of defined value opinions entails, as they focus on aspects like the inclusion of only the appraiser's opinion, the use of specific formats, or limitations regarding property types instead of the broader process of valuing and reporting the opinions on a specific property.