Real Estate Appraisal Practice Exam

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Prepare for the Real Estate Appraisal Exam. Improve with flashcards and multiple-choice questions, each featuring explanations and hints. Enhance your understanding and get exam ready!

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Who is the intended user of the Uniform Residential Appraisal Report?

The appraiser
The lender/client
The property owner
The real estate agent

The correct answer is: The lender/client

The intended user of the Uniform Residential Appraisal Report is primarily the lender or client. This report is designed to provide a comprehensive assessment of a property's market value based on various factors, which is crucial for lenders when making decisions about mortgage loans. The information within the report helps the lender to assess the risk associated with lending money against the property. The appraiser prepares the report according to specific guidelines, ensuring that the findings are clear and precise for the lender's review. While other parties, such as property owners and real estate agents, may have interest in the report, its primary purpose is to meet the needs of the lender or client evaluating the potential investment or loan.