FHA, VA, and other federally-insured loan programs require an appraisal by a certified appraiser before loan approval.
Property transfers, inheritances, or divorces may involve appraisals, but they are not mandated by law in the same way FHA loans require.
Correct answer = C.
[Reference: HUD/FHA Loan Guidelines; NJ Real Estate Salesperson Study Guide, Chapter on Appraisal and Loan Underwriting., ]
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