Property Valuation
In Hawaii, what is a 'desk review' appraisal?
AA. An appraisal conducted at the appraiser's desk using only public records without a site visit
BB. A secondary review of an existing appraisal by another appraiser, often without a site visit✓ Correct
CC. A review of the property's tax records at the assessor's desk
DD. An abbreviated appraisal report in a desktop format
Explanation
A desk review is an appraisal review conducted without a new site visit, where a reviewer evaluates an existing appraisal's work product for quality, credibility, and compliance.
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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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