Under the Uniform Standards of Professional Appraisal Practice (USPAP), two written report formats are available for real property appraisal assignments: the Appraisal Report and the Restricted Appraisal Report. Both are credible, USPAP-compliant deliverables. The distinction lies not in the rigor of the analysis, but in how much of that analysis is disclosed within the report itself.
The value opinion is the same. The underlying research, data, and methodology required to develop a credible opinion of value are identical for both report types. What differs is the level of narrative and documentation presented to the reader. The reduced report format lowers the cost to the client.