Property Valuation
What is a restricted appraisal report vs. an appraisal report?
AThey contain the same information
BAn appraisal report contains all required content; a restricted report has limited content intended for a single client only✓ Correct
CRestricted reports are for government use only
DAn appraisal report is less detailed
Explanation
Under USPAP, an appraisal report includes all required content and can be shared with multiple parties. A restricted appraisal report contains limited content and is intended only for the client, noting that others cannot rely on it without additional information from the appraiser.
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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