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One of the most often asked questions is the difference between the types of reports that appraisers typically prepare. It is necessary to state that although the three report formats vary greatly in detail, all of the report formats contain the same level of development and analysis. Also, the value conclusion is not changed by the report format.

Lyons Valuation Group, LLC adheres to the guidelines as identified by the Uniform Standards of Professional Appraisal Practice (USPAP). The following descriptions explain the types of appraisal development, and the format in which appraisal reports can be transmitted.

Commercial and Residential Reports

Complete Appraisal: A complete appraisal is the act or process of estimating value without invoking the departure provision of the USPAP. A complete appraisal can be transmitted via a Self Contained, Summary, or Restricted Use Report. A complete appraisal considers all applicable approaches to value including Cost, Income, and the Sales Comparison Approach.

Limited Appraisal: A limited appraisal is the act or process of estimating value performed under and invoking the departure provision of USPAP. A limited appraisal can also be transmitted via a Self Contained, Summary, or Restricted Use Report. This type of appraisal is typically done for clients who are familiar with the appraisal process and have determined that a complete appraisal in not needed for their purposes. An example of a limited report may include only the Sales Comparison Approach for a property which is owner occupied.