Property Valuation
A South Dakota appraiser includes a 'certification' in an appraisal report. This certification states that:
AThe appraiser guarantees the property will sell at the appraised value
BThe appraiser has no undisclosed interest and the analysis was performed objectively✓ Correct
CThe property has passed all required inspections
DThe appraisal has been reviewed and approved by the lender
Explanation
The appraiser's certification (required by USPAP) confirms the appraiser has no undisclosed interest in the property, the analysis was independent and objective, and the report is accurate to the best of the appraiser's knowledge.
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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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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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