What is the primary purpose of a Comparative Market Analysis (CMA) in property valuation?
Correct Answer
D) To estimate market value from recent comparable sales
A CMA uses recent sales of comparable properties to estimate market value by analysing similarities and differences between the subject property and recent sales. This comparison method is fundamental to establishing market value based on actual market transactions.
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More Valuation Questions
In applying the summation approach to value a heritage-listed property in Sydney, which additional factor must be specifically considered?
When conducting a property valuation in Queensland, what is the most critical consideration regarding comparable sales data?
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