Property Valuation
A Kentucky appraiser performing a drive-by appraisal (exterior-only inspection) is completing a:
AFull URAR appraisal
BLimited scope appraisal with restricted inspection✓ Correct
CDesktop appraisal using only public records
DAutomated valuation model report
Explanation
A drive-by appraisal involves only an exterior inspection of the property without entering. It is a limited scope appraisal that carries more uncertainty than a full interior inspection.
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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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