Property Valuation
A Florida appraiser performing a 'field review' as opposed to a 'desk review' will:
AOnly review the appraisal report, not visit the property
BVisit the property and neighborhood to verify the information in the original appraisal report✓ Correct
CConduct a completely new independent appraisal
DRely exclusively on MLS data
Explanation
A field review involves a limited inspection of the exterior of the property (drive-by) and the neighborhood to verify key data points in the existing appraisal report. It provides more verification than a desk review but less than a full appraisal.
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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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