Property Valuation
A 'drive-by' or exterior-only appraisal for a Texas property uses FNMA Form:
A1004 (Uniform Residential Appraisal Report)
B2055 (Exterior-Only Inspection Residential Appraisal Report)✓ Correct
C1073 (Individual Condominium Unit Appraisal)
D1007 (Single Family Comparable Rent Schedule)
Explanation
The FNMA Form 2055 (Exterior-Only Inspection Residential Appraisal Report) is used for drive-by appraisals where the appraiser inspects only the exterior of the property. It is used for certain refinances and low-risk transactions.
Related Texas Property Valuation Questions
- A Texas appraiser completes a desk review of an appraisal report. A desk review involves:
- The income capitalization approach is most appropriate for valuing:
- Texas Central Appraisal Districts (CADs) are required to reappraise property at least once every:
- In the cost approach to value, the appraiser estimates the value of the land separately because:
- A Texas appraiser reconciles the following value indications for a single-family home: Sales Comparison = $285,000; Cost Approach = $295,000; Income Approach = $270,000. For a typical owner-occupied home, the appraiser would likely place the most weight on:
- The most reliable indicator of market value for a Texas residential property is:
- A Texas appraiser performs a 'retrospective' appraisal. This means the appraisal:
- The replacement cost approach to value is MOST useful for which Texas property type?
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