Affiliate Broker Tennessee (TN PSI) National Practice Exam `

What is Oliver's role when providing a buyer and lender with an opinion of the property's value?

1. Real estate agent

2. Home inspector

3. Certified or licensed appraiser

4. Property manager

The correct answer is: Certified or licensed appraiser

When Oliver provides a buyer and lender with an opinion of the property's value, he is acting as a certified or licensed appraiser. An appraiser's primary role is to assess the value of a property based on various factors such as its location, condition, market trends, and comparable sales in the area. This valuation is crucial for lenders, as it helps them determine how much they can lend based on the property's worth, and it assures buyers that they are making a sound investment. A certified or licensed appraiser holds specific qualifications and training, which enables them to conduct thorough evaluations that meet industry standards and legal requirements. This professional expertise is essential for producing an unbiased appraisal report that both the buyer and the lender can trust. In contrast, a real estate agent primarily focuses on facilitating the buying and selling process rather than providing an official valuation. A home inspector assesses the physical condition of the property and identifies necessary repairs, while a property manager oversees the operational aspects of a rental property. Each of these roles serves a specific purpose, but only the appraiser is tasked with providing an official and authoritative opinion of value.