Property Valuation
In Rhode Island, what is a 'drive-by appraisal' (or desktop appraisal)?
AAn appraisal where the appraiser only drives past the property
BA limited-scope appraisal typically used for lower-risk refinances, where interior inspection may be waived and the appraiser relies on public records and exterior observation✓ Correct
CAn appraisal conducted from the appraiser's desk without any property visit
DAn appraisal performed by a real estate agent
Explanation
A drive-by (or exterior-only) appraisal involves an exterior property observation and review of public records without an interior inspection. Desktop appraisals may be entirely data-based. These limited appraisals are sometimes accepted for low-risk refinances.
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