Property Valuation
An appraiser in New Jersey who is hired by a lender for a mortgage appraisal owes their primary duty to:
AThe borrower who pays the appraisal fee
BThe lender (the client who ordered the appraisal) while maintaining objectivity and USPAP compliance✓ Correct
CThe seller to ensure the deal closes
DThe real estate agent who referred the business
Explanation
When a lender orders an appraisal, the lender is the client and the primary intended user. However, the appraiser must be independent and objective, complying with USPAP regardless of who pays.
Related New Jersey Property Valuation Questions
- Regression in real estate appraisal means:
- An appraisal for a NJ estate (tax purposes) typically uses which standard of value?
- An NJ appraiser preparing a market value opinion for a proposed new residential subdivision would conduct which type of study?
- In NJ, the 'land residual technique' in the income approach to value is used primarily to:
- In NJ, an appraiser who appraises a property in which they have a financial interest is:
- An appraiser completing a market study for a proposed 50-unit apartment complex in Newark, NJ would analyze all of the following EXCEPT:
- A 'drive-by' or exterior-only appraisal (Form 2055) in NJ is typically used for:
- The principle of conformity states that property values are maximized when:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →