Property Valuation
What is a 'desk review' appraisal in Idaho and when is it used?
AAn appraisal performed while the appraiser sits at their desk without reviewing any data
BA review of an existing appraisal by a reviewing appraiser to verify reasonableness, compliance, and methodology — without performing a new field inspection✓ Correct
CAn appraisal based entirely on public records
DA required IREC review of appraisals for loan applications
Explanation
A desk review involves a reviewing appraiser examining an existing appraisal report for compliance with USPAP, reasonableness of value conclusion, adequacy of comparable selection, and methodology — without conducting a new property inspection. Lenders use desk reviews for quality control, and AMCs (appraisal management companies) use them to screen appraisal reports.
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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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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