Desktop & Hybrid Flashcards
What are desktop appraisal benefits?
Supports digital transformation
Cost and time efficient
May reduce confirmation bias
Mitigates appraiser capacity
Similar risk to traditional reports
Improves response time
Desktop: Data provided by parties with a financial interest in the sale or financing of the subject property must be xx by a xx source.
verified by a disinterested source.
Desktop: The appraiser must have xx xx to xx a xx report.
sufficient information to develop a credible report.
Desktop: Must include xx xx with xx xx and xx xx.
Must include floor plan with interior walls and exterior dimensions.
Desktop: Eligible Transactions
One-unit property (including those with an ADU and units in a PUD)
Principal residence
Purchase transaction (including new construction)
LTV ratio less than or equal to 90%
Who provides the data for the desktop appraisal?
buyer, seller agent, homeowner, builder, appraiser files, etc. and through secondary data sources like public records, MLS, internet, etc.
Desktop: Who does the physical inspection?
No physical inspection of the subject property by the appraiser;
Desktop: Extraordinary assumption(s) or appraisals made “subject to” verification of the subject property’s condition, quality, or physical characteristics are xx xx.
not permitted
Desktop: The minimum scope of work for Form 1004 Desktop does not xx a xx xx of the subject property or comparable sales by the appraiser
does not include a current inspection
Desktop: The appraiser can accept data, photos, floor plans, and other information from a party who has a xx xx in the sale or financing of the property if the appraiser xx such data from a xx source.
financial interest
verifies such data from a disinterested source.
Desktop: The appraiser must determine if the xx is xx and xx to produce a xx report, which includes the xx, xx, and xx of the subject property.
information is accurate and reliable
to produce a credible report,
the features, quality, and condition
Desktop: Information provided by the homeowner, potential borrower, or a third party xx xx xx to develop the description of the interior and exterior of the improvements.
can be used
What is a Desktop Appraisal
An appraisal assignment for which the scope of work does not include field work by the appraiser.
What is a Hybrid Appraisal
An appraisal assignment for which the scope of work includes reviewing a recent report containing interior/exterior standardized property data in lieu (instead) of the appraiser performing a personal inspection.
Who inspects the property for a Hybrid Appraisal?
A physical inspection can be done by a third party inspector or an appraiser.
A Virtual inspection can be done via Skype or Facetime or other tools from a remote location
