Property Valuation
What is meant by a 'drive-by appraisal' or 'exterior-only appraisal' in Connecticut lending?
AAn appraisal completed without inspecting the interior of the subject property✓ Correct
BAn appraisal that is invalid under USPAP
CAn appraisal only for drive-through businesses
DAn appraisal performed only for commercial properties
Explanation
A drive-by (exterior-only) appraisal involves inspecting only the exterior of the property and relying on available records for interior data. It provides less detailed information than a full interior inspection and is used for lower-risk refinances.
Related Connecticut Property Valuation Questions
- The difference between a property's 'chronological age' and 'effective age' reflects:
- What is 'assessed value' in Connecticut property taxation?
- Which appraisal principle states that the value of a property is affected by the values of neighboring properties?
- A Connecticut appraiser finds that a comparable property has an extra half-bathroom compared to the subject property. The appraiser will make a:
- A Connecticut appraiser identifies a property's highest and best use as residential development. However, the property currently has a commercial building. This means:
- A Connecticut appraiser identifies three comparable sales. After adjustments, the indicated values are $490,000, $495,000, and $492,000. The appraiser gives greatest weight to the most comparable sale, arriving at a final value of $492,000. This is called:
- The principle that no prudent buyer will pay more for a property than the cost to build a comparable new structure is called:
- A building has a reproduction cost of $800,000 and 15% total depreciation. What is the depreciated value of the improvements?
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