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Which of the following analyses must be prepared by a certified appraiser?

Rationale

A property valuation report supporting a federally related loan application.

A certified appraiser is required to prepare a property valuation report for federally related loan applications to ensure compliance with regulatory standards and to provide an objective assessment of the property's value. This requirement helps protect lenders and borrowers by ensuring that the property's appraised value is accurate and credible.

A (a competitive market analysis for a buyer or seller) YOUR ANSWER

A competitive market analysis (CMA) is typically conducted by real estate agents or brokers and does not require certification from an appraiser. While useful for estimating property values based on comparable sales, CMAs are not formal appraisals and therefore do not meet the regulatory standards needed for federally related transactions.

B (a price opinion for a lender involved with a short sale transaction) YOUR ANSWER

A price opinion, often referred to as a broker price opinion (BPO), may be provided by a real estate professional but does not require a certified appraiser. While BPOs can be helpful for lenders in short sale situations, they are not formal appraisals and lack the rigor and standards that a certified appraisal entails for federally backed loans.

C (an analysis to determine a project's estimated market capture and capitalization rate) YOUR ANSWER

This type of analysis is typically performed by market analysts or real estate professionals to assess investment potential, but it does not require a certified appraiser. Such analyses focus on market trends and investment performance rather than providing an official valuation of a property, which is necessary for federally related loan applications.

Conclusion

A property valuation report for federally related loan applications is the only choice that must be prepared by a certified appraiser, ensuring compliance with federal regulations and providing an accurate and reliable assessment of property value. Other analyses, while useful in different contexts, do not require certification and therefore do not fulfill the legal prerequisites for federally related transactions.

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