All of the following are true about residential appraisals EXCEPT:
a) Since a borrower's available cash for closing is generally limited and the lending guidelines are rigid, the loan originator should carefully review the appraisal for any errors.
b) A lender will generally limit the loan to a maximum percentage of the appraised value of the property.
c) The appraiser's final estimated market value readily allows for an increase in settlement costs up to 10% before the closing.
d) A successful closing can be highly dependent on the appraiser's opinion of value.
Answer: c) The appraiser's final estimated market value readily allows for an increase in settlement costs up to 10% before the closing.
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