Property Valuation
A 'drive-by' appraisal or exterior-only appraisal in Oklahoma is:
AThe standard for all residential appraisals
BA limited appraisal acceptable for some low-risk refinancing or portfolio review purposes but not for full underwriting✓ Correct
CProhibited under Oklahoma law
DEquivalent to a full USPAP-compliant appraisal
Explanation
An exterior-only (drive-by) appraisal provides less complete information than a full interior inspection appraisal. It may be acceptable for some refinancing or low-risk portfolio purposes but is generally not sufficient for standard purchase loan underwriting.
Related Oklahoma Property Valuation Questions
- In Oklahoma, the principle of 'contribution' in real estate appraisal means:
- Land value in the cost approach to appraisal is estimated as if the land were:
- An Oklahoma property's value is depressed because the neighborhood is transitioning from residential to commercial use. This is an example of which type of depreciation?
- Plottage (assemblage) value refers to:
- The income capitalization approach calculates value by:
- Market value in real estate appraisal is defined as:
- The principle of conformity in real estate value states that:
- Gross income multiplier (GIM) analysis differs from GRM analysis in that:
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