Case Study $5-1$ involved negotiations for the purchase of an apartment complex. The buyer and seller could not agree on a price and so they agreed that they would each hire a licensed appraiser and they would both accept the average of the two appraised values. It later turned out that the seller's licensed appraiser was also a licensed broker who managed not only the property being sold but also several other properties owned by the seller. Under what circumstances would this be acceptable under the Code of Ethics?

Select one:

a$.$ Under no circumstances.

b$.$ Only if the relationship between the seller and the seller's appraiser was disclosed in writing to the buyer.

c$.$ Without restriction since the seller's appraiser was a licensed appraiser;

d$.$ Only if the seller's appraiser had at least $10$ years experience appraising similar properties.