Final answer:
An appraiser may owe obligations to the appraisal profession, clients and institutions, and society in general.
Step-by-step explanation:
The BEST answer is option d. An appraiser may owe obligations to all of the above groups - the appraisal profession, clients and institutions such as lending institutions and government agencies, and society in general. Appraisers have a professional obligation to uphold the standards and ethics of the appraisal profession. They owe obligations to their clients, who rely on their expertise and unbiased opinion to determine the value of properties.
Appraisers also owe obligations to institutions and agencies that rely on their appraisals for lending decisions and government regulation purposes. Finally, appraisers have a broader obligation to society in general, as their work contributes to the integrity and stability of the real estate market and overall economy.