Property Valuation
In New Mexico, what is a 'desktop appraisal'?
AAn appraisal performed on a desktop computer
BAn appraisal performed without a physical inspection, relying on MLS data, public records, and remote data✓ Correct
CA summary appraisal report format
DAn appraisal limited to small desktop computer workstations
Explanation
A desktop appraisal is performed without a physical inspection of the property. The appraiser relies on data from MLS, public records, and other remote sources. Some lenders have accepted these for low-risk refinance transactions.
Related New Mexico Property Valuation Questions
- In New Mexico, which principle states that the maximum value of a property is determined by what a buyer could pay for a similar substitute property?
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- Which approach to value is most commonly used to appraise a single-family residence in Albuquerque?
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