Finance
A Massachusetts lender orders a 'drive-by' appraisal (Form 2055). This type of appraisal:
AProvides the same level of reliability as a full interior appraisal
BIs less comprehensive—the appraiser inspects only the exterior and relies on available data; used for lower-risk transactions✓ Correct
CIs used for all residential properties in Massachusetts
DIs the standard for all commercial properties
Explanation
A Form 2055 exterior-only appraisal (drive-by) is less comprehensive than a full interior appraisal. It may be used for lower loan-to-value or lower-risk transactions where a full interior inspection is not deemed necessary.
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