Who Can Use a Restricted Appraisal Report?

Tuesday, July 1, 2025 in For Appraisers

Question:
Is it possible to produce a Restricted Appraisal Report for multiple parties and still remain USPAP compliant?

Answer:
Yes, it is possible—provided that the report adheres to the requirements outlined in USPAP
Standards Rule 8-2 (2024 edition).

According to Standards Rule 8-2, each written personal property appraisal report must be
prepared under one of two reporting options: Appraisal Report or Restricted Appraisal Report,
and it must prominently state which option is being used.

When preparing a Restricted Appraisal Report, Standards Rule 8-2(b) requires that the report:
   (i).States the identity of the client, or if the client has requested anonymity, state that the
identity is withheld at the client’s request but is retained in the appraiser’s workfile.
   (ii).States the identity of any other intended user(s) by name.

The accompanying comment clarifies:
“A Restricted Appraisal Report may be provided when the client is the only intended user; or,
when additional intended users are identified by name.”

Example scenario:
Suppose your client, Mickey Mouse, engages you to complete a Marketable Cash Value
appraisal for financial planning purposes and intends to share the results with their financial
advisor, Tinker Bell. As long as both intended users are named in the report, a Restricted
Appraisal Report may be used.

Sample language:
This appraisal, prepared under USPAP’s Restricted Appraisal Report option, is intended for use
solely by my client, Mickey Mouse, and their financial advisor, Tinker Bell, for the purpose of
financial planning.

IMPORTANT REMINDER:
When selecting the Restricted Appraisal Report option, you must clearly disclose that the report
may not include the supporting rationale for all opinions and conclusions (see USPAP Standards
Rule 8-2(b)(iv)).