Property Valuation
A North Dakota appraiser is asked to perform a 'drive-by' or exterior-only appraisal. This is known as a:
AFull URAR appraisal
BForm 2055 exterior-only inspection appraisal✓ Correct
CDesk review appraisal
DSummary appraisal report
Explanation
A Form 2055 (Exterior-Only Inspection Residential Appraisal Report) allows the appraiser to conduct an exterior inspection only without entering the property. It is sometimes used for refinancing when a full interior inspection is not required.
Related North Dakota Property Valuation Questions
- When a North Dakota property's income is capitalized at a lower cap rate, the resulting value is:
- Which appraisal principle states that the value of a property is affected by the values of surrounding properties?
- An appraiser preparing a complete appraisal in North Dakota must follow USPAP Standard 1. This standard covers:
- The 'principle of supply and demand' in North Dakota real estate markets means:
- In North Dakota, when an appraiser uses an automated valuation model (AVM) to assist in valuing a property, USPAP requires the appraiser to:
- Which of the following would MOST likely cause an upward adjustment when comparing a comp to the subject property?
- In the cost approach to value, reproduction cost differs from replacement cost because:
- Which appraisal approach uses the formula: Value = Land Value + (Replacement Cost New - Depreciation)?
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