What is the most comprehensive type of appraisal report?

The most comprehensive type of appraisal report is the narrative report. This type of report provides an in-depth analysis and is detailed in nature, covering various aspects of the property being appraised. It includes a thorough description of the property, its condition, and the neighborhood, along with a complete analysis of the data and methodologies used to arrive at the property value. This level of detail often makes it suitable for complex properties or situations where a standard report may not fully encompass all necessary information.

In contrast, the summary report offers a more concise overview of the information, highlighting key findings and conclusions without the extensive detail found in a narrative report. The letter report usually provides a brief statement of value and supporting information but lacks the depth and analysis characteristic of a narrative report. The broker opinion of value is typically an informal assessment rather than a formal appraisal, and it does not meet the standards of a comprehensive appraisal report.