Property Valuation
In Michigan, an appraisal prepared for a federally related transaction must be performed by a:
ALicensed real estate agent
BState-licensed or state-certified appraiser✓ Correct
CCPA or financial advisor
DAny individual with at least 5 years of real estate experience
Explanation
Federal law (FIRREA) requires that appraisals for federally related transactions (federally insured or backed loans) be performed by state-licensed or state-certified appraisers. Michigan licenses and certifies appraisers through LARA.
Related Michigan Property Valuation Questions
- In Michigan, the 'income multiplier' approach used for small income properties is limited because:
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