Property Valuation
In Tennessee, an appraiser who refuses to produce a predetermined value requested by a lender is:
AViolating USPAP
BActing ethically and in compliance with USPAP✓ Correct
CIn breach of their engagement contract
DExceeding their professional authority
Explanation
USPAP prohibits appraisers from producing predetermined value conclusions. Refusing to comply with a lender's request for a specific value is the ethical and legally required action.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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