Which report must be prepared by a licensed appraiser?

The correct response is that a reconciliation report for an FHA loan must be prepared by a licensed appraiser. In the context of real estate, appraisers play a critical role in establishing the value of properties for various reasons, including setting a basis for loans secured by these properties.

When it comes to loans insured by the Federal Housing Administration (FHA), appraisals are a required component of the loan approval process. The reconciliation report specifically provides a summary and analysis of various value estimates, requirements, and methodologies applied in the appraisal process. This ensures that all established appraised values and market conditions are thoroughly examined and documented, allowing lenders to make informed decisions.

The other options do not require a licensed appraiser to prepare them. A broker's price opinion (BPO) is usually done by real estate brokers or salespersons and is not as formal as an appraisal. A comparative market analysis (CMA) is typically prepared by real estate agents to assess property values quickly but does not require licensure as an appraiser. Similarly, a value analysis for non-residential property can be conducted by a range of professionals and does not necessarily need to be prepared by a licensed appraiser. Thus, the reconciliation report for an FHA loan uniquely necessitates the