Property Valuation
A 'drive-by' or exterior-only appraisal in Alaska is formally known as a:
AFull URAR appraisal
BLimited scope appraisal (2055 or exterior-only form)✓ Correct
CDesktop appraisal
DBroker price opinion
Explanation
An exterior-only (drive-by) appraisal, typically performed on FNMA Form 2055, involves inspecting only the exterior of the property and relying more heavily on public records and third-party data.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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