New Jersey Real Estate License Exam Practice Question
An appraisal made by a certified appraiser is required
Correct Answer: C
Rationale: An appraisal by a certified appraiser is essential when a buyer uses an FHA loan to purchase property, as it ensures the property's value meets the loan requirements. Option A is incorrect; while appraisals are common in property transfers, they are not universally required for all transactions. Option B is misleading; heirs may receive property without an appraisal, depending on the estate's handling. Option D is also incorrect; while appraisals can be helpful in divorce settlements, they are not mandatory for all property divisions.
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