Property Valuation
What is the purpose of a 'drive-by appraisal' versus a full appraisal in Delaware?
AA drive-by appraisal involves an interior and exterior inspection while driving past is full
BA drive-by appraisal provides a limited exterior-only inspection at lower cost for lower-risk loans; a full appraisal includes interior inspection✓ Correct
CA drive-by appraisal is used for commercial properties only
DDrive-by appraisals are prohibited in Delaware for residential loans
Explanation
A drive-by (or exterior-only) appraisal involves the appraiser observing only the exterior of the property and using MLS data for the interior. It is used for lower-risk loan decisions. Full appraisals include interior inspections.
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