Property Valuation
In Maine, a 'drive-by' or 'exterior-only' appraisal provides what level of reliability compared to a full interior appraisal?
AThe same reliability
BLess reliability, as the appraiser cannot inspect interior condition✓ Correct
CMore reliability, as the appraiser can be more objective
DNo recognized reliability for mortgage purposes
Explanation
An exterior-only or desktop appraisal provides less reliability than a full interior appraisal because the appraiser cannot verify interior condition, quality of construction, and systems. Lenders typically require full appraisals for purchase transactions.
Related Maine Property Valuation Questions
- In Maine, 'gross rent multiplier' (GRM) is used to estimate value by:
- In Maine, 'assemblage' in real estate refers to:
- A Maine appraiser notes that houses in a neighborhood are declining in value due to an increase in commercial development nearby. This is an example of:
- In Maine, the principle of substitution in real estate valuation states that:
- In Maine, a 'fee simple subject to condition subsequent' estate affects appraised value because:
- The 'principle of substitution' in Maine real estate appraisal states that:
- A Maine property has a replacement cost of $350,000 and total accrued depreciation of $87,500. The depreciated cost of improvements is:
- In Maine, when the subject property in an appraisal is superior to a comparable sale in one feature, the adjustment is:
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →