Final answer:
The abbreviation 'CRV' for Certificate of Reasonable Value is used by VA loan appraisers and mortgage lenders to determine the fair value of a property being purchased through a VA loan.
Step-by-step explanation:
The abbreviation CRV stands for Certificate of Reasonable Value. It is primarily used in the home buying process, specifically for those obtaining a mortgage through the U.S. Department of Veterans Affairs, also known as a VA loan.
The CRV is an appraisal that determines the value of the property being purchased. It sets the maximum amount the VA will guarantee for the loan.
Without a CRV, a VA loan cannot proceed. It ensures that veterans are receiving a fair price for the property and that the loan amount does not exceed the value of the home. Therefore, it is generally used by VA loan appraisers and mortgage lenders.