Which type of appraisal report is lengthy and often used for complex properties?

The narrative report is the lengthy and detailed type of appraisal report that is commonly used for complex properties. This format allows the appraiser to provide a comprehensive analysis of the property, including in-depth descriptions and explanations of various factors that impact value, such as the property's condition, the analysis of comparable properties, zoning, and market conditions.

Narrative reports typically cater to more intricate scenarios where a straightforward summary is insufficient to encapsulate the complexities involved. These reports also offer flexibility in terms of layout and can include extensive data, graphs, and photographs, enhancing the clarity and depth of the appraiser’s findings.

In contrast, form reports are standardized and usually brief, appropriate for more straightforward appraisal situations. Letter reports, while concise, may lack the detail that a complex property requires, and restrictive reports are not commonly recognized in the context of standard appraisal practices. Therefore, the narrative report stands out as the ideal choice for assessing intricate properties, providing a thorough and systematic overview necessary for a clear understanding of the property’s value.