Illinois Real Estate 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 ensure the property meets minimum standards and is valued appropriately for the loan amount.
Option A is incorrect; while appraisals are common in property transfers, they are not universally required. Option B is misleading; heirs may not need an appraisal unless the property is sold or valued for tax purposes. Option D is also incorrect; appraisals may be useful in divorce settlements, but they are not mandatory for all property settlements. Thus, the FHA loan requirement makes option C the most accurate choice.
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