The purpose of an appraisal is to:
A) estimate the current value of a home.
B) reduce the amount paid for property taxes.
C) qualify for a reduced mortgage rate.
D) eliminate the need for home insurance.
E) reduce fees paid to realtor.

Question

Quizplus · Accepted Answer

The purpose of an appraisal is to estimate the current value of a home. This is usually done to determine the fair market value of the property and help the lender decide how much money to lend to the borrower.

The Purpose of an Appraisal Is To