Property Valuation
In Colorado, an appraiser performing a 'desk appraisal' (or desktop appraisal) relies primarily on:
AA. A physical inspection of the interior and exterior
BB. Public records, MLS data, and remotely available information without personally inspecting the property✓ Correct
CC. The seller's representations about the property
DD. Only historical sales data from 5 years ago
Explanation
A desktop (desk) appraisal is performed without a physical inspection of the property. The appraiser uses public records, MLS data, photographs, floor plans, and other remotely available information.
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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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