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Which of the following property valuation estimates or reports would have to be prepared by a licensed or certified appraiser?

Rationale

A reconciliation report for an FHA loan must be prepared by a licensed or certified appraiser.

Reconciliation reports for FHA loans are required to adhere to specific federal guidelines, necessitating the expertise of a licensed or certified appraiser to ensure compliance and accuracy in property valuation.

A (a broker's price opinion) YOUR ANSWER

A broker's price opinion (BPO) is an informal estimate of a property's value provided by a real estate broker, often used for quick assessments. It does not require a licensed appraiser, as it is not considered an official appraisal and is typically less comprehensive.

B (a comparative market analysis) YOUR ANSWER

A comparative market analysis (CMA) is a tool used by real estate agents to assess property values based on recent sales of similar properties in the area. Like a BPO, a CMA does not require a licensed appraiser and serves as a guideline rather than a formal appraisal.

D (a value analysis for a non-residential property valued below $250,000) YOUR ANSWER

A value analysis for non-residential properties valued below $250,000 may not necessarily require a licensed appraiser, depending on the regulations in the specific jurisdiction. In many cases, informal assessments or evaluations can be conducted without formal appraisal licensure, particularly for lower-value properties.

Conclusion

In summary, federal guidelines mandate that a reconciliation report for FHA loans be conducted by a licensed or certified appraiser to ensure compliance with legal standards. In contrast, broker's price opinions, comparative market analyses, and value analyses for lower-valued properties can be performed by individuals without formal appraisal credentials, reflecting the varying requirements for property valuation in different contexts.

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