Property Valuation
A NC appraiser who is hired by a buyer's lender has their primary client relationship with:
AThe buyer
BThe lender who hired them✓ Correct
CThe seller
DThe NCREC
Explanation
The appraiser's client is the lender who engaged their services. While the appraisal is used in the mortgage process, the appraiser's professional obligations run to the lender.
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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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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