Uniform Standards of Professional Appraisal Practice (USPAP) Practice Exam

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

1. Self-Contained, Summary, Restricted Use

2. Full Report, Limited Report, Summary

3. Basic, Detailed, Comprehensive

4. Summary, Compiled, Exhibit

The correct answer is: Self-Contained, Summary, Restricted Use

The three written report options stated in Standards Rule 2-2 of USPAP are indeed Self-Contained, Summary, and Restricted Use reports. A Self-Contained report includes all necessary information to allow the intended users to understand the appraisal process, data, and methodologies employed. This comprehensive type of report is suitable for scenarios where detailed documentation is required. The Summary report presents a condensed version of the information found in a Self-Contained report and is designed for situations where less detail can still adequately convey the findings. It provides sufficient information to allow users to understand the conclusions without delving into every detail of the appraisal process. A Restricted Use report is intended for a specific client or a limited audience and contains the minimum necessary information needed to support the conclusions. It may not provide sufficient detail for other users to understand the complete context or conclusions of the appraisal fully, making it suitable for specific, narrow purposes. In contrast, the other provided options do not align with the formal terminology used in USPAP. Words like "Full Report" or "Limited Report" are not recognized in the current standards, while "Basic," "Detailed," "Comprehensive," "Compiled," and "Exhibit" do not accurately reflect the categories specified in Standards Rule