Property Valuation
An NJ appraiser who is asked to appraise their own home for a refinance must:
AComplete the appraisal as it is their area of expertise
BDecline the assignment due to a conflict of interest—appraisers cannot appraise property in which they have a financial interest✓ Correct
CAccept the assignment with a disclosure
DCharge double their usual fee
Explanation
USPAP Standards Rule 1-2(b) and the NJ Appraiser Board prohibit appraisers from appraising properties in which they have a financial interest, including their own home. This creates an irresolvable conflict with the independence requirement.
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