Which of the following is NOT true? a) Financial arrangements can affect sales p

Question

Which of the following is NOT true?

a) Financial arrangements can affect sales prices

b) Considering its cost, a swimming pool may not contribute positively to the value of a property

c) The appraisal is most accurate on the day of the closing

d) Using traditional appraisal techniques, appraised value is a reconciliation of three preliminary estimates of value

Exaplain why you chose the answer

a) Financial arrangements can affect sales prices

b) Considering its cost, a swimming pool may not contribute positively to the value of a property

c) The appraisal is most accurate on the day of the closing

d) Using traditional appraisal techniques, appraised value is a reconciliation of three preliminary estimates of value

Explanation / Answer

SOLUTION:

Option (C). The appraisal is most accurate on the day of the closing.

The lender followed its policies and procedures but the borrower did not receive the appraisal three days prior to closing, the loan may close without delay if the borrower waives the three-day requirement and is provided a copy of the appraisal on the day of closing.

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