Restricted Appraisal Report

As defined by The Dictionary of Real Estate Appraisal, 4th Edition, a Restricted Use Appraisal Report is:

1. A written report prepared under Standards Rule 2-2(c), 8-2(c), or 10-2(b). (USPAP, 2010-2011 ed.) 

A restricted appraisal report is for client use only. The restricted appraisal report should contain a brief statement of information significant to the solution of the appraisal problem. However, the level of content and information provided is the essential difference when comparing the Restricted Appraisal Report to the Appraisal Report.

The Restricted Appraisal Report is referred to as "the letter", because that is basically what it is. This type of report is prepared for one client for a specific purpose. Typically, the client has extensive knowledge of the property being appraised and needs the appraisal for a very specific purpose, such as marketing.

This report simply states facts about the property and the area. No details are included.