51. A salesperson is asked by a lending institution to provide an appraisal for a mortgage on a property owned by the bank. She should
Answer: B
A salesperson should recommend that the bank consult with a licensed or certified appraiser.
In this scenario, the salesperson should suggest that the bank consult with a licensed or certified appraiser for an accurate appraisal of the property. This ensures that the appraisal complies with legal standards and provides a reliable valuation for the mortgage process.
A) submit a broker price opinion for a fee not to exceed one hundred dollars ($100).
While a broker price opinion (BPO) can provide a rough estimate of a property's value, it does not carry the same legal weight as an appraisal conducted by a licensed appraiser. Furthermore, the request from the lending institution implies a need for a formal appraisal rather than an informal BPO.
B) recommend that the bank consult with a licensed or certified appraiser.
This is the correct choice as it aligns with professional standards and regulatory requirements. By recommending a licensed or certified appraiser, the salesperson ensures that the appraisal process adheres to industry regulations and provides an accurate valuation needed for the mortgage.
C) complete a comparative market analysis and provide it to the bank.
A comparative market analysis (CMA) is useful for understanding market trends but is not an appraisal. It does not meet the legal requirements of a formal appraisal, which is necessary for mortgage lending purposes, making it an inadequate response to the bank's request.
D) refer the request to her sponsoring broker.
While referring the request to her sponsoring broker may seem appropriate, it does not directly address the need for a licensed appraisal. The salesperson should take initiative by recommending a qualified appraiser rather than passing the responsibility to someone else.
Conclusion
The recommendation to consult with a licensed or certified appraiser is essential for ensuring compliance with industry standards and regulations. All other options fail to provide the necessary legal validation required for mortgage appraisals, making option B the only suitable response in this context.