Property Valuation
An appraiser is asked to provide a 'restricted use appraisal report' for a Louisiana client. This type of report:
AMay only be used by the client for the stated intended use and purpose✓ Correct
BIs available to all parties in the transaction without restriction
CIs more detailed than a standard appraisal report
DIs required for all FHA loan appraisals
Explanation
A restricted use appraisal report under USPAP is the least detailed format, intended for use only by the identified client for the specific stated purpose. It may not be adequate for transactions involving other parties or lenders requiring a full report.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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