Illinois 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, as FHA guidelines require professional appraisals to ensure compliance with federal standards.
In contrast, a broker's price opinion (A) and a comparative market analysis (B) can be conducted by real estate agents without needing a license, as they are not formal appraisals. Option D, a value analysis for a non-residential property valued below $250,000, may not require a licensed appraiser, depending on local regulations, as lower-value properties can sometimes be assessed by non-certified individuals.
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