Property Valuation
In New York, a 'drive-by' appraisal or 'exterior-only' appraisal is:
AAn illegal form of appraisal under New York law
BA limited-scope assignment where the appraiser only observes the property's exterior and relies on public records and MLS data for interior conditions✓ Correct
CA standard full appraisal that includes both exterior and interior inspection
DAn automated valuation model (AVM) generated without any appraiser involvement
Explanation
An exterior-only (drive-by) appraisal is a limited scope assignment where the appraiser inspects only the exterior of the property and relies on public records, MLS photos, and other available data for the interior. It is acceptable for certain lower-risk transactions but provides less certainty than a full interior appraisal. It is legal in New York when performed in compliance with USPAP.
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