Property Valuation
A South Carolina appraiser performing a 'drive-by' or 'exterior-only' appraisal provides:
AThe most accurate form of appraisal
BA less thorough assessment used for some refinancing or secondary market purposes✓ Correct
CAn illegal form of appraisal under SC law
DThe standard for all SCREC-regulated transactions
Explanation
Exterior-only (drive-by) appraisals are used in limited circumstances, such as refinancing with significant equity. They provide less detailed information than full interior appraisals but may be acceptable for certain lender purposes.
Related South Carolina Property Valuation Questions
- In South Carolina, a property appraiser identifies the 'subject property' as:
- In South Carolina, a 'drive-by appraisal' (Exterior-Only Inspection) would likely be ordered when:
- A South Carolina appraiser adjusts a comparable sale for a feature that the comparable has but the subject does not. The adjustment to the comparable is:
- What is 'reconciliation' in the appraisal process?
- Which South Carolina property type uses an assessment ratio of 6%?
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- The 'principle of change' in South Carolina real estate appraisal recognizes that:
- The principle of 'highest and best use' in real estate appraisal is defined as the use that is:
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