Property Valuation
A North Dakota appraiser performing a 'drive-by' or exterior-only appraisal provides:
AThe most reliable and comprehensive appraisal
BA limited appraisal based on exterior observation and available data, with more inherent limitations than a full interior inspection✓ Correct
CThe same quality as a full interior appraisal
DAn acceptable substitute for any appraisal purpose
Explanation
Exterior-only (drive-by) appraisals are less comprehensive than full interior appraisals because the appraiser cannot assess interior conditions, updates, or issues. They are used in some refinancing situations or when access is limited, but carry more limitations and uncertainty.
Related North Dakota Property Valuation Questions
- A North Dakota appraiser considers 'external obsolescence' when the property's value is negatively impacted by:
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- The 'income capitalization approach' is most appropriate for valuing which type of North Dakota property?
- Functional obsolescence in appraisal refers to:
- In North Dakota agricultural appraisals, soil productivity ratings are important because:
- What is 'value in use' as distinguished from 'market value' in North Dakota appraisal?
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