In Ontario, what is the key difference between an appraisal and a Comparative Market Analysis (CMA)?
Correct Answer
B) Appraisals need certified appraisers and specific standards; agents can prepare CMAs
Appraisals must be conducted by certified appraisers following Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), while CMAs can be prepared by licensed real estate professionals. Appraisals are required for mortgage lending and legal purposes.
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A first-time buyer who qualifies for both first-time buyer rebates purchases a $600,000 home in the City of Toronto. What is the combined land transfer tax payable after both rebates?
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Ontario has no statutory regulator for real estate appraisers. Which body sets the professional standards and disciplines most appraisers practising in Ontario?