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
Does the Appraiser, who signs the certification of a Hybrid appraisal, inspect the interior and exterior of the subject property?
No.
What are the required entries for these field labels for a desktop appraisal?
Appraisal Assignment Type
Subject Property Data Collection Method
Subject Property Data Collection Date
Subject Property Data Workforce
“DesktopAppraisal”
“Other”
Null (leave blank)
Null (leave blank)
In addition to the requirements for a sketch, the floor plan must also include the following:
▪ interior walls,
▪ doorways,
▪ staircases,
▪ exterior ingress/egress, and
▪ labels for each room.
