An appraisal is an opinion of value. For estate planning, financial planning, or sale price decisions, individuals or a trusted advisor usually orders an appraisal. When an appraisal is used to obtain an opinion of value on a property for loan purposes, federal regulation requires the lender or its agent to place an appraisal order. The lender or its agent contacts a state licensed or certified appraiser and identifies the property to be appraised and the intended use of the appraisal. The appraiser then determines the appropriate scope of work for the assignment. The appraiserâs scope of work typically includes the type of property inspection (interior, exterior only or none), what approaches to value are required, and any lender-specific requirements. In some cases, the lender may order the appraisal through an agent, such as an Appraisal Management Company (AMC).There is no single standard appraisal report form, format, or style. However, for residential mortgage lending, Fannie Mae (FNMA) and Freddie Mac (FHLMC), which are Government Sponsored Enterprises (GSEs) that purchase mortgages on the secondary market, have developed residential appraisal report forms that are commonly used to communicate the appraisal of properties used as collateral. Regardless of the type of appraisal report used, all appraisal reports must contain sufficient information to enable the intended users to understand the report properly.