Property Valuation
What is a 'desk top appraisal' (bifurcated appraisal) and how might it affect Hawaii mortgage lending?
AA. A formal appraisal conducted at the appraiser's office without visiting the property; considered equivalent to an in-person appraisal by all lenders
BB. A valuation model combining a property data collector (non-appraiser) who inspects the property with an appraiser who analyzes the data remotely; used for some refinancing and lower-risk loan transactions✓ Correct
CC. An appraisal completed by an unlicensed appraiser for internal bank use only
DD. A type of appraisal prohibited in Hawaii due to its reduced accuracy
Explanation
A bifurcated or desktop appraisal separates the inspection (performed by a data collector) from the analysis (performed by an appraiser remotely). Some lenders use these for lower-risk transactions to reduce cost and time.
Related Hawaii Property Valuation Questions
- In Hawaii, what is a 'market study' vs. a 'feasibility study' in real estate development?
- A Hawaii home appraiser notes that the property has an outdated floor plan that reduces its marketability. This is an example of:
- Which of the following is NOT a recognized approach to value in a formal Hawaii appraisal?
- Which principle of value states that the value of a property is influenced by the values of surrounding properties?
- In Hawaii, an appraiser determines that comparables need time adjustments because the market has been appreciating at 5% annually. A sale from 12 months ago would be adjusted by:
- In Hawaii, the cost approach to value includes which components?
- When appraising a luxury oceanfront property in Hawaii, which approach is most commonly used as the primary indicator of value?
- The appraisal approach most commonly used to value single-family residences in Hawaii is the:
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