What is a "drive-by appraisal"?

What is a "drive-by appraisal"?

• A. An appraisal conducted solely through online research
• B. An appraisal method where the appraiser evaluates the property from the street without entering the building
• C. An appraisal that requires detailed inspection of the interior
• D. An appraisal based on neighborhood market trends only

Answer: (B)

A "drive-by appraisal" is characterized by the appraiser evaluating the property from the street without entering the building. This method often involves inspecting the exterior condition of the property and its surroundings, as well as assessing other relevant factors like the neighborhood and comparable properties nearby. The appraiser typically uses public records and other data sources to estimate the property value, but the key feature is the lack of interior access. This approach is often used in situations where a full appraisal isn't necessary, or when the appraiser needs to get a quick estimate. It's an efficient method that allows for a preliminary evaluation without the time and resources required for a detailed inspection.

A "drive-by appraisal" is characterized by the appraiser evaluating the property from the street without entering the building. This method often involves inspecting the exterior condition of the property and its surroundings, as well as assessing other relevant factors like the neighborhood and comparable properties nearby. The appraiser typically uses public records and other data sources to estimate the property value, but the key feature is the lack of interior access.

This approach is often used in situations where a full appraisal isn't necessary, or when the appraiser needs to get a quick estimate. It's an efficient method that allows for a preliminary evaluation without the time and resources required for a detailed inspection.