What must be summarized in a Summary Appraisal Report?

A Summary Appraisal Report is intended to convey essential information about the appraisal while maintaining a level of conciseness suitable for its intended audience. Among the critical elements that must be summarized in such a report is the scope of work used to develop the appraisal. This includes detailing the type of information gathered, methods used, and any limitations or assumptions that were made during the appraisal process.

By summarizing the scope of work, the report provides transparency about how the appraiser arrived at their conclusions and the extent of the analysis conducted. This is crucial for both the client and any third parties who may rely on the appraisal, as it lays the groundwork for understanding the reasoning behind the appraiser's final value opinion.

In contrast, while factors such as market conditions, data collected during the appraisal, and comparative market analysis findings may influence the appraisal's outcome, they do not each need to be summarized to the same extent in a Summary Appraisal Report as the scope of work does. This prioritization ensures that the most critical components for understanding the appraisal's basis are clearly communicated.