Property Valuation
What is a 'drive-by appraisal' and when might it be used in Nevada?
AAn appraisal conducted by a Nevada Drive appraiser
BA limited scope appraisal (exterior-only inspection) often used for refinances, low-risk transactions, or when interior access is unavailable — less thorough than a full interior appraisal but accepted in certain lending contexts✓ Correct
CA Las Vegas tour-based property assessment for marketing purposes
DAn appraisal conducted from a moving vehicle for commercial properties
Explanation
A drive-by appraisal (exterior-only or limited appraisal) involves viewing and photographing the property exterior without interior access. The appraiser relies on public records, MLS data, and the exterior inspection to form a value opinion.
People Also Study
Related Nevada Questions
- An appraiser performing a cost approach appraisal on a 15-year-old commercial building in Reno, Nevada estimates the building reproduction cost at $1,200,000 and the land value at $300,000. With an effective age of 15 years and economic life of 50 years, what is the estimated depreciation?Property Valuation
- In Nevada, the cost approach to appraisal involves which calculation?Property Valuation
- A Nevada title search examines public records to verify:Escrow & Title
- In Nevada, which county records the most real estate transactions?Escrow & Title
- In Nevada, functional obsolescence in an appraisal is a loss of value caused by:Property Valuation
- In Nevada, which approach to value is most commonly used to appraise a high-occupancy apartment building?Property Valuation
- What is a limited liability company (LLC) deed and how does it affect Nevada real estate transactions?Escrow & Title
- What is a Nevada multi-family property inspection checklist and why is it used?Property Management
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
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.
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.
Math Concepts
Study This Topic
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →