Property Valuation
What is a 'drive-by appraisal' (exterior-only appraisal) and when is it used in Idaho?
AAn appraisal performed from a helicopter
BAn appraisal based on exterior observation and public records without interior access, typically used for low-risk refinances or automated valuation verification✓ Correct
CAn appraisal of properties along highways
DA quick verbal estimate of value from a drive-by view
Explanation
An exterior-only (drive-by) appraisal involves the appraiser viewing only the exterior of the property, supplemented by public records and MLS data. It is less thorough than a full interior appraisal. Idaho lenders may accept drive-by appraisals for low-risk refinances with significant equity or when the automated underwriting system authorizes a limited appraisal.
Related Idaho Property Valuation Questions
- Reconciliation in the appraisal process refers to:
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- In Idaho, what does a Competitive Market Analysis (CMA) primarily help determine?
- A 'matched pair' analysis in appraisal is used to:
- What is 'mass appraisal' as used by Idaho county assessors?
- Which appraisal approach is most commonly used for single-family residential properties?
- What does 'effective age' mean in an appraisal?
- A comparable sale in Idaho sold for $310,000 six months ago. The market has appreciated 2% since then. What time adjustment is added to the comparable?
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