A Comparative Market Analysis (CMA) prepared by a Queensland real estate agent differs from a formal valuation in that:
Correct Answer
A) A CMA is an agent's informal price estimate, not a valuation by a registered valuer
A CMA is an informal market estimate prepared by an agent to assist sellers with pricing. Unlike a formal valuation prepared by a registered valuer, a CMA cannot be used for mortgage lending, legal proceedings, or other purposes requiring a certified valuation.
Why This Is the Correct Answer
A comparative market analysis is an agent's opinion of likely price based on comparable sales, prepared to help a seller decide on price. It is not a formal valuation by a registered valuer, which lenders and courts rely on.
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