Virginia State Real Estate Exam Practice Question
Which of the following property valuation estimates or reports would have to be prepared by a licensed or certified appraiser?
Correct Answer: C
Rationale: A reconciliation report for an FHA loan must be prepared by a licensed or certified appraiser to meet federal regulations and ensure accurate property valuation for mortgage purposes.
In contrast, a broker's price opinion (A) and a comparative market analysis (B) can be conducted by real estate agents without formal appraisal credentials, as they are not legally binding and serve different purposes. Similarly, a value analysis for a non-residential property valued below $250,000 (D) does not require an appraiser, as properties below this threshold often have more flexible valuation methods.
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