For a conventional loan on a single-family residence with a loan amount of $150,000, what is the minimum appraisal requirement?
Correct Answer
A) A full appraisal by a state-licensed appraiser
Under FIRREA and federal regulations, federally related transactions require a full appraisal performed by a state-licensed or certified appraiser. The $150,000 loan amount exceeds the de minimis threshold requiring a full appraisal.
Why This Is the Correct Answer
Under FIRREA and federal regulations, federally related transactions require a full appraisal performed by a state-licensed or certified appraiser. The $150,000 loan amount exceeds the de minimis threshold requiring a full appraisal.
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