New Jersey 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 is using an FHA loan to ensure the property meets specific standards and values for loan approval.
Option A is incorrect; while appraisals may be helpful in property transfers, they are not universally required for all transactions. Option B is also inaccurate; heirs may receive property without an appraisal, depending on the estate's management. Option D is misleading; appraisals can be useful in divorce settlements but are not mandated before property division occurs. Thus, option C is the only scenario where an appraisal is specifically required.
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