Property Valuation
What is the purpose of a 'drive-by' or 'exterior-only' appraisal in Idaho?
ATo evaluate the landscaping only
BTo provide a limited appraisal report when interior access is not needed, often used for refinancing with significant equity✓ Correct
CTo check for code violations
DTo estimate land value only
Explanation
An exterior-only (drive-by) appraisal provides a limited inspection based on viewing the exterior of the property and public record data, often used for refinancing when there is substantial equity and full inspection is not required.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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.
Math Concepts
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