Question

Which of these statements about a VA appraisal is false? A CRV is valid for nine months on existing property. The appraisal must be done by a VA certified appraiser. The appraisal is called a Certificate of Reasonable Value. A veteran may pay more for a property than the CRV value.

Answer 1

Answer:

A CRV is valid for nine months on existing property.

Explanation:

The Department of Veterans Affairs usually grants mortgage loans to veterans. Before the loan is given an appraisal must be undertaken by a certified VA appraiser.

After appraisal a Certificate of Reasonable Value (CRV) is issued.

The CRV has a validity of 180 days (that is 6 months).

That means for this period the appraised value will remain the same even if there are adjustments in the contract terms.

So it's false that validity period of CRV is 9 months