Michigan Real Estate Exam Practice Question
A comparison is made with three appraisers who had previously filed their report with the independent lender. Which outcome is required?
Correct Answer: B
Rationale: In this scenario, option B is the most appropriate outcome, as it emphasizes the importance of transparency and due diligence in the purchase process. The appraisals should be reviewed by the buyer to ensure informed decision-making regarding the property's value.
Option A is incorrect because appraisers do not need to disclose their identity to the homeowner; their role is to provide an unbiased valuation. Option C misinterprets the appraisals' purpose; they serve as independent assessments rather than financial considerations that could sway the lender. Option D is also misleading; while lender approval is necessary, it does not specifically address the role of appraisals in the context of the buyer's review process.
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