What aspect is emphasized in a narrative appraisal report?

In a narrative appraisal report, the aspect that is emphasized is the type of value in the "Statement of Purpose." This statement clearly outlines the intent of the appraisal, which is crucial for setting the framework and context for the entire report. The "Statement of Purpose" typically specifies what type of value is being assessed, whether it is market value, investment value, or some other type. This clarity helps users of the report understand the basis and reasoning behind the appraiser's conclusions and can influence real estate transactions, lending decisions, and property assessments.

The focus on the type of value ensures that all readers are on the same page concerning what the appraisal is aiming to determine, which is essential for interpretation and application in real estate practice. Unlike a brief summary of property values, a quick overview of comparable properties, or a detailed focus on the cost approach, the "Statement of Purpose" serves as the foundational element that guides the entire narrative appraisal and aligns it with the needs of stakeholders.