Property Valuation
In North Dakota, an appraiser who is asked to appraise their own home for refinancing must:
AComplete the appraisal since they know the property best
BDecline the assignment due to the conflict of interest; USPAP prohibits appraisers from appraising property in which they have a financial interest✓ Correct
CDisclose the interest and complete the appraisal
DGet written permission from the lender to proceed
Explanation
USPAP Ethics Rule prohibits an appraiser from accepting an assignment where they have a current or prospective financial interest in the property. Appraising one's own home creates an obvious conflict of interest.
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