Property Valuation
A NJ appraiser completes an appraisal for a lender on a purchase transaction. Who is the appraiser's client?
AThe buyer who is paying for the appraisal
BThe lender who engaged the appraiser✓ Correct
CThe seller
DBoth buyer and lender jointly
Explanation
In a lender-ordered appraisal, the client is the lender (or AMC on the lender's behalf). The appraiser's duty of loyalty and confidentiality is to the lender, not the buyer—even though the buyer typically pays the appraisal fee.
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