Certified Residential Appraiser Practice Exam

In a Restricted Appraisal Report, what is NOT typically required?

1. A summary of the appraiser's qualifications

2. A detailed market analysis

3. Identification of intended users

4. Disclosure of significant assumptions

The correct answer is: A detailed market analysis

In a Restricted Appraisal Report, the level of detail is limited compared to other types of appraisal reports. This means that while key components such as the identification of intended users, disclosure of significant assumptions, and a summary of the appraiser's qualifications are necessary for clarity and compliance, a detailed market analysis is generally not required. The purpose of a Restricted Appraisal Report is to provide an appraisal that meets the needs of a specific intended user without going into the exhaustive detail that a more comprehensive report would include. Therefore, while some form of market analysis may still be present, it is not expected to be thorough or to the same extent as in other reports. This allows for efficiency in reporting while still serving the intended user’s needs.