What is a comparative market analysis (CMA) in the SA real estate context?
Correct Answer
A) An agent's estimate of likely selling price, based on recent sales of comparable properties.
A CMA is an agent's informal assessment of a property's likely market value, based on analysis of recent sales of comparable properties in the area. It is not a formal valuation and should not be represented as one.
Why This Is the Correct Answer
A comparative market analysis is the agent's informal estimate of a property's likely selling price, drawn from recent sales of comparable properties. It is not a formal valuation and must not be presented as one.
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