Final answer:
A real estate agent may NOT conduct an appraisal for a residential property worth $225,000 in a federally related transaction, as they lack the necessary qualifications.
Step-by-step explanation:
The individual who may NOT conduct an appraisal for a residential property with an estimated value of $225,000 in a federally related transaction is option (c) a Real estate agent. Appraising property requires specific qualifications and credentials, which licensed and certified appraisers possess. Real estate agents, while instrumental in buying and selling property, do not have the authority or the qualifications to conduct property appraisals in federally related transactions. Trainee appraisers may conduct appraisals if they are directly supervised by a licensed or certified appraiser.