What defines whether a communication is considered an appraisal report under USPAP?

An appraisal report is defined by whether it includes a final value conclusion. According to the Uniform Standards of Professional Appraisal Practice (USPAP), a report is characterized by its purpose: providing an opinion of value. The essential element that distinguishes an appraisal report from other forms of communication is indeed the presence of a definitive value conclusion resulting from an appraisal process.

This conclusion signifies that the appraiser has analyzed relevant data and factors to determine a value, thereby creating a document that serves as a formal statement of value. Other forms of communication, regardless of their detail, format, or the fees involved, do not carry the same weight or purpose as an appraisal report unless they encapsulate that concluded opinion of value.