Question

Real estate licensees can perform an appraisal under the real estate license law, if the appraisal is not to be used in a _______ , the transaction value is _______ and the report is prepared in accordance with _______.

a) Tax assessment, undisclosed
b) Criminal case, undisclosed
c) Commercial transaction, disclosed
d) Civil lawsuit, private

Answer 1

Real estate licensees can perform appraisals for non-commercial transactions, with an undisclosed transaction value, following USPAP guidelines.

Step-by-step explanation:

Real estate licensees are typically not qualified as professional appraisers, but under certain circumstances, they may be allowed to perform appraisals. Specifically, real estate licensees can perform an appraisal if it's not to be used in a commercial transaction, when the transaction value is undisclosed, and if the report is prepared in accordance with Uniform Standards of Professional Appraisal Practice (USPAP) guidelines. This allowance is especially pertinent when an appraisal is needed for purposes other than litigation or complex transactions, such as for personal knowledge or certain types of informal transactions where a formal appraisal is not legally required.