What is a detailed appraisal report typically prepared by a fee appraiser known as?

A detailed appraisal report typically prepared by a fee appraiser is known as a Narrative Report. This type of report provides a comprehensive analysis of the property being appraised. It includes a thorough examination of the property’s characteristics, the market trends, and the approaches used in determining the value. The narrative format allows for a deeper explanation of the appraiser's findings, methodologies, and conclusions, making it particularly useful for complex properties or situations that require detailed justifications.

The narrative report is structured to be clear and thorough, often making room for detailed explanations and supporting documentation. It's used in various scenarios, especially those needing a formal presentation of the appraisal findings, such as legal disputes or high-stakes transactions. This depth of information ensures that the recipient can fully understand the rationale behind the appraised value.

In contrast, form reports are usually standardized and used for simpler properties, while a letter of opinion provides a less detailed assessment. A final estimate of value might refer to the end result of an appraisal process, but does not necessarily indicate the comprehensive analysis provided in a narrative report.