Property Valuation
Under California law, who is authorized to prepare a certified appraisal for federally related transactions?
AAny licensed real estate salesperson with a CMA designation
BA California-licensed or certified appraiser holding a credential issued by the Bureau of Real Estate Appraisers (BREA)✓ Correct
CA licensed real estate broker with at least 5 years of experience
DAny California DRE licensee who has completed an appraisal course
Explanation
California's Bureau of Real Estate Appraisers (BREA) licenses and certifies real estate appraisers. For federally related transactions (those involving federally regulated lenders), only BREA-licensed or certified appraisers may prepare appraisals. DRE licensees (brokers and salespersons) are not authorized to provide certified appraisals for lending purposes.
Related California Property Valuation Questions
- Gross Potential Income (GPI) in real estate income analysis represents:
- The 'highest and best use' of a property is defined as the use that meets all four of which criteria?
- The principle of substitution states that:
- What is 'effective age' in property appraisal?
- What is 'depreciation' in real estate appraisal?
- The principle of substitution states that:
- Which factor would most likely increase the capitalization rate an investor requires for an income property?
- An appraiser values a property using the sales comparison approach and finds that a comparable property has a swimming pool worth $15,000 but the subject property does not. What adjustment does the appraiser make?
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