Property ValuationIntermediateDelaware Exam

What is a 'desk review' versus a 'field review' appraisal in Delaware?

AA desk review is done by a borrower; a field review is done by a lender

BA desk review evaluates the appraisal report using public records and available data without visiting the property; a field review includes an exterior (and sometimes interior) property inspectionCorrect

CBoth terms refer to the same process — reviewing the initial appraisal

DA desk review is always required for every Delaware residential loan; a field review is always required only for commercial loans instead, which is broadly consistent with standard practice statewide

Why A desk review evaluates the appraisal report using public records and available data without visiting the property; a field review includes an exterior (and sometimes interior) property inspection Is Correct

Answer B: A desk review evaluates the appraisal report using public records and available data without visiting the property; a field review includes an exterior (and sometimes interior) property inspection

A desk review is an appraisal quality control review conducted at a desk using public records, MLS data, and the original report — without a property visit. A field review also involves an exterior (or interior) inspection.

Exam Tip: Property Valuation

Valuation questions focus on the three approaches to value: sales comparison, cost, and income. Know which approach is best for which property type. The income approach uses cap rate and NOI — memorize these formulas.

Key Property Valuation Terms in This Question

Appraisal

A professional estimate of a property's market value prepared by a licensed or certified appraiser.

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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.

Private Mortgage Insurance (PMI)

Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.

Debt-to-Income Ratio (DTI)

A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.

Pre-Approval

A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.

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