New Jersey Real Estate Practice Exam Free Practice Question
Who may give a supportable opinion of market value to be used in seeking a federally-related loan to finance a real estate transaction?
Correct Answer: A
Rationale: A certified appraiser possesses the specialized training and credentials required to assess property values accurately, ensuring compliance with federal regulations for loan financing. This expertise is crucial in providing a reliable opinion of market value.
In contrast, a licensed real estate broker (B) can offer insights into market trends but lacks the formal appraisal qualifications necessary for federally-related loans. Option C, stating that any real estate licensee may provide an opinion, is misleading as only certified appraisers meet the specific standards required. Lastly, a Certified Public Accountant (D) primarily focuses on financial matters and does not have the expertise to evaluate real estate values accurately.
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