Regarding a Broker's Price Opinion, what type of appraisal must be obtained if a certified appraisal is desired?

When someone desires a certified appraisal, they must obtain a certified appraisal from a qualified professional who meets specific licensing requirements. A certified appraisal is a formal estimate of the value of a property that has been conducted by an appraiser who holds a valid certification. This level of appraisal is more detailed and rigorous compared to other types of evaluations, ensuring that the valuation conforms to the highest industry standards and regulations.

In the context of the question, a certified appraisal signifies that the appraisal report can be used for a range of purposes, including mortgage financing, legal purposes, or as a reliable basis for real property transactions. This is essential when lenders, courts, or parties involved in real estate transactions seek out dependable valuations to inform their decisions.

Other options, such as self-appraisals or professional appraisals, lack the formal certification and would not provide the same level of authority or acceptance in legal or financial matters. Licensed appraisals might be a step down in terms of credentialing, as they may not meet the stringent requirements set for certified appraisals, which necessitate a higher level of training and assessment. Thus, obtaining a certified appraisal is crucial when a rigorous and widely recognized valuation is needed.