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 the mortgage payments.

Question

Quizplus · Accepted Answer

The purpose of an appraisal is to estimate the current value of a property, which is important for determining its market price or value in a sale, refinancing, or for insurance purposes. It does not necessarily have an impact on property taxes, mortgage rates, or insurance requirements. However, having an accurate appraisal can help in negotiating the terms of a mortgage or insurance policy.

The Purpose of an Appraisal Is to