Property Valuation
An appraiser in Olympia is asked to prepare a 'desk appraisal' or 'desktop appraisal.' This type of appraisal:
AAlways requires an interior inspection
BRelies on existing records, MLS data, and public records without a physical inspection of the property✓ Correct
CIs only used for commercial properties
DIs the most detailed and accurate type of appraisal
Explanation
A desktop appraisal is performed using available data sources (MLS, tax records, prior appraisals) without physically inspecting the property. It is used for lower-risk refinance transactions and provides less certainty than an appraisal with a full inspection.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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