What type of appraisal report must address substantive matters according to USPAP?

The Appraisal Report is the correct choice because it is designed to communicate the appraiser's analysis, opinions, and conclusions concerning the value of the property being appraised. According to the Uniform Standards of Professional Appraisal Practice (USPAP), this type of report must address substantive matters in a clear and comprehensive manner. This includes not only the appraiser’s value opinion but also the reasoning behind that opinion, supporting data, and any assumptions or limiting conditions.

In contrast, the other report types have varying levels of detail and disclosure. A Restricted Appraisal Report, for instance, is intended for specific users and typically contains less detail about the appraiser's reasoning and methods. A Limited Appraisal Report may offer even less comprehensive analysis than an Appraisal Report and is usually designed for situations where a full valuation is not required. An Appraisal Review Report primarily addresses the work of another appraiser, assessing the quality and credibility of their report, rather than presenting an original value conclusion.

Thus, the thoroughness demanded in an Appraisal Report aligns with USPAP’s requirement to address substantive matters, making it the appropriate choice.