Under TRESA regulations in Ontario, who is authorized to prepare a formal appraisal report for mortgage lending purposes?
Correct Answer
B) A certified property appraiser with appropriate designation
Only certified appraisers with appropriate professional designations (such as AACI or CRA) can prepare formal appraisal reports for mortgage lending purposes. Real estate professionals can prepare CMAs but these are opinions of value, not formal appraisals.
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- → When conducting a CMA, which of the following properties would be considered the BEST comparable for a 1,800 sq ft bungalow built in 1985?
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- → A commercial property appraiser is reconciling three different approaches that yielded the following values: Direct Comparison $2,100,000, Cost Approach $2,400,000, Income Approach $1,950,000. Given that this is an income-producing office building in a market with limited sales but strong rental data, which approach should receive the greatest weight in the final value estimate?
- → Which appraisal method is most appropriate when valuing a unique heritage property with no comparable recent sales?
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