Full Summary Appraisal
A summary appraisal report includes extensive research on the horse’s background, bloodlines, riding discipline, show record and offspring records. A comparable analysis is used to determine the fair market value. Frequently used for loans, bankruptcies, divorces, tax donations and audits, estate planning and settlements, buying or selling and many other types of business and legal uses. Usually done on a Sales Comparison Basis, similar to real estate. Most commonly used appraisal.
Restricted Use Appraisal
Typically a brief, 1–4 page report. Used to establish estimated value based on the appraiser’s knowledge of, and/or experience with, the subject property without conducting research to develop supporting facts. Most commonly used for determining if a more in-depth appraisal is needed or for obtaining an insurance binder.
Used to determine value when a horse is deceased or stolen, or it could also be used to determine the potential value. The use of a hypothetical condition is disclosed in the report making the user aware of the condition upon which the appraisal value is based.
Involves researching past markets to determine the value of the horse at some specific time in the past. This report may be either a Summary Appraisal or a Self-Contained Appraisal.
Includes extensive research on the horse’s background, bloodlines, etc. It identifies and defines the marketplace in which comparable properties were found and explains why that particular market was used. It also describes the condition of the marketplace (whether it was stable, rising, falling, etc.). This type of appraisal report would normally be used in a case that could go to court where high stakes are involved. This report is the most complete and complex, but the least frequently used.