97. Which of the following analyses must be prepared by a certified appraiser?
Answer: D
A property valuation report supporting a federally-related loan application
A property valuation report supporting a federally-related loan application must be prepared by a certified appraiser to ensure compliance with regulatory standards and accuracy in determining property value.
A) a competitive market analysis for a buyer or seller
A competitive market analysis (CMA) can be conducted by real estate agents and does not require a certified appraiser. While it provides valuable insights into property values based on recent sales, it lacks the formal certification and thorough methodology mandated for federally-related transactions.
B) a price opinion for a lender involved with a short sale transaction
A price opinion, similar to a CMA, is usually prepared by real estate professionals and does not necessitate a certified appraiser. It serves as a guideline for lenders but does not carry the same weight or regulatory requirements as a formal appraisal.
C) an analysis to determine a project's estimated market capture and capitalization rate
This type of analysis is often performed by market analysts or financial consultants, rather than certified appraisers. While it provides useful information for investment decisions, it does not fulfill the appraisal requirements for federally-related loans.
D) a property valuation report supporting a federally-related loan application
This option is correct because a property valuation report for a federally-related loan application must be conducted by a certified appraiser to meet the standards set by federal regulations. This ensures the appraisal is credible and reliable for lending purposes.
Conclusion
The necessity for a certified appraiser to prepare a property valuation report for federally-related loan applications is critical to uphold the integrity of the lending process. All other options do not require certification and therefore do not meet the stringent requirements needed for such transactions, making option D the only correct response.